Historic Philadelphia Building Recaps With Natixis, Madison International
Guelda Voien Sept. 12, 2014, 11:14 a.m.
Cushman & Wakefield arranged $88.2 million in debt and equity to refinance Mellon Independence Center, a mixed-use property in Philadelphia.
The recapitalization of Mellon Independence Center included $65.5 million of debt from Natixis Real Estate Capital and $17 million in equity from Madison International Realty, according to a spokesperson for C&W.
Located at 701 Market Street, the 723,000-square-foot building has 122,000 feet of retail and 613,000 of office space.
A C&W team of Steve Kohn, Dave Karson, Alex Hernandez, Chris Moyer and Suraj Ravi served as exclusive advisor to landlord The Brickstone Companies.
“The property is well positioned to benefit from the pending redevelopment of the Market East corridor, with significant upside potential in its retail space and the imminent addition of rooftop signage,” Mr. Hernandez said in a statement from C&W.
The building was built in the renaissance revival style in 1917, and gutted and redeveloped by Brickstone in 1987.