Leo Addimando Of Alterra Property Group Secures $140M Loan For Development Site In Philadelphia

The asset involved in this transaction is a development site located at 510 North Broad Street in Philadelphia. The property is currently a 426-unit mixed-use apartment project known as LVL North, which is 97% leased. The refinancing is taking place with a loan amount of $140 million at a floating rate.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $140,000,000
• Lender: Rialto Capital Management
• Landlord: Leo Addimando - Alterra Property Group
• Market: Philadelphia
• Loan Terms: floating-rate
• Occupancy Status: 97%-leased
• Property Note: The refinancing aims to rebalance capital and extend tax benefits linked to its opportunity zone status.

Key individuals involved in this deal include Leo Addimando, who represents Alterra Property Group as the landlord, and Rialto Capital Management, serving as the lender. The refinancing is essential for addressing the rent and occupancy pressures faced by the property due to post-pandemic oversupply.