Post Brothers Secures $312M Refinancing Deal For Piazza Alta In Philadelphia

Post Brothers has secured a $312 million refinancing deal for Piazza Alta, a mixed-use residential property located at 1099 Germantown Avenue in Philadelphia's Northern Liberties neighborhood. The property features 700 units and is owned by Post Brothers, with Matthew Pestronk as the landlord. The loan, provided by Rockwood Capital and Société Générale, marks the largest single-asset refinancing for a market-rate property since August 2022.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $312,000,000
• Address: 1099 Germantown Avenue, Philadelphia
• Market: Philadelphia
• Units: 700
• Lender: Rockwood Capital; Société Générale
• Landlord: Post Brothers - Matthew Pestronk
• Brokers: Ackman Ziff & Piper Sandler
• Loan Type: Refinance
• Loan Terms: 5 year, fixed-rate loan

The transaction was facilitated by brokers Ackman Ziff and Piper Sandler, who played a crucial role in connecting the parties involved. Tim Hallock, representing Rockwood Capital and Société Générale, acted as the lenders' representative in the deal.