Bank Of Montreal And Starwood Mortgage Capital Grant $50M Mortgage Loan For Widener Building In Philadelphia | 1 South Penn Square | Starwood Capital Group, Bank of Montreal (BOM) | Office | Loan

Summary

Loan

PENNSYLVANIA

Office

441,696 sqft

The Widener Building, located at 1 South Penn Square in downtown Philadelphia, has secured a $50 million mortgage loan from Bank of Montreal and Starwood Mortgage Capital. The loan is being used to refinance the property and pay off a matured CMBS loan, avoiding foreclosure. The office building spans across 441,696 square feet.

Summary of transaction details

Property Type: Office
Transaction Amount: $50,000,000
Address: 1 South Penn Square
Market: Philadelphia

Bank of Montreal and Starwood Mortgage Capital have granted the loan, allowing the owner of the Widener Building, Leser Group - Abraham Leser, to avoid foreclosure and repay the previous loan. The loan terms include a 5-year period with higher interest rates and interest-only payments throughout the term.

Players

All
2

Lenders
2

Starwood Capital Group

Bank of Montreal (BOM)

Details

Deal Summary

FINANCED

IMAGE: 07/20/2023 ADDRESS: 1 South Penn Square MARKET: Philadelphia ASSET TYPE: Office ~ SF: 441,696 LENDER: Bank of Montreal & Starwood Mortgage Capital LANDLORD: Leser Group - Abraham Leser LOAN AMOUNT: $50,000,000 LOAN TYPE: Refinance LOAN TERMS: 5 year NOTE: Bank of Montreal and Starwood Mortgage Capital have granted a $50 million mortgage loan for the Widener Building in downtown Philadelphia. The loan allows the building's owner to pay off a matured CMBS loan, avoiding foreclosure, and carries a higher interest rate with interest-only payments throughout its term.

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Address1 South Penn Square

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