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Arts & Crafts Holdings Secures $25 Million Construction Loan For Mixed-Use Property In Philadelphia

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FINANCED
$25,000,000

Pennsylvania

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Mixed-use100,000 SF
Financed 11/22/2021
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Property Image
FINANCED

Arts & Crafts Holdings Secures $25 Million Construction Loan For Mixed-Use Property In Philadelphia

741 Spring Garden Street, Philadelphia, PA, USA

See Similar Deals
Mixed-use100,000 SF
Financed 11/22/2021
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Summary

PENNSYLVANIA
Asset Type:Mixed-use
Price Per Square Foot:$250
Total Square Footage:100,000 SF
Transaction Type:Loan

A mixed-use property located at 741 Spring Garden in Philadelphia was recently involved in a closed transaction. The property consists of 146 units and is owned by Arts + Crafts Holdings, represented by Aaron Z. Cohen. The deal was facilitated by the broker, Kawa Private Investments, with Daniel Ades as the representative.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $25,000,000 (Approx)
  • Units: 146
  • Address: 741 Spring Garden, Philadelphia
  • Landlord: Arts + Crafts Holdings - Aaron Z. Cohen
  • Broker: Kawa Private Investments - Daniel Ades
  • Loan Type: Construction

The loan amount for the transaction was approximately $25,000,000. The loan type was construction, indicating that it was likely used for development or renovation purposes.

Players

2 deals$104.3M volume
BROKER


2 deals$28M volume
LANDLORD

Details

FINANCED
IMAGE: Daniel Ades & Aaron Z. Cohen DATE: 11/22/2021 ADDRESS: 741 Spring Garden MARKET: Philadelphia ASSET TYPE: Mixed-use ~ UNITS: 146 LANDLORD: Arts + Crafts Holdings - Aaron Z. Cohen BROKER: Kawa Private Investments - Daniel Ades LOAN AMOUNT: $25,000,000 (Approx) LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$25,000,000.00

Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00