LMF Commercial Refinances Multifamily Property In Philadelphia For $7.58M

Conway Capital has refinanced a multifamily property in Philadelphia, PA for a loan amount of $7,580,000. The property, located at 2027 Pine Street, 716 South 2nd Street, 716 South Street, 760-752 South Martin Street & 902 Spruce Street, encompasses a total square footage of 28,099 and consists of 29 units. The loan was provided by LMF Commercial, with Nihad Choudhury representing the lender. The terms of the loan include a 10-year full IO CMBS with an 83% loan-to-cost ratio and 70% loan-to-value ratio.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,580,000
• Address: 2027 Pine Street, 716 South 2nd Street, 716 South Street, 760-752 South Martin Street & 902 Spruce Street
• Market: Philadelphia, PA
• Total Square Footage: 28,099
• Number of Units: 29

The refinancing deal was facilitated by Robert Tobias from an undisclosed brokerage firm. Abe Cohen, the landlord representing Conway Capital, oversaw the transaction. The loan provided by LMF Commercial, led by Nihad Choudhury, enables Conway Capital to capitalize on the property's value and secure favorable terms for future growth.