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Bank Of Montreal And Starwood Mortgage Capital Grant $50M Mortgage Loan For Widener Building In Philadelphia

Property Image
FINANCED
$50,000,000

Pennsylvania

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Office441,696 SF
Financed 07/20/2023
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Property Image
FINANCED

Bank Of Montreal And Starwood Mortgage Capital Grant $50M Mortgage Loan For Widener Building In Philadelphia

1 South Penn Square Philadelphia, Pennsylvania 19107, USA

See Similar Deals
Office441,696 SF
Financed 07/20/2023
the dealplayerscompscontact
Contact now

Summary

PENNSYLVANIA
Asset Type:Office
Price Per Square Foot:$113
Total Square Footage:441,696 SF
Transaction Type:Loan

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

Starwood Capital Group
Starwood Capital Group
LENDER
Bank of Montreal (BOM)
Bank of Montreal (BOM)
LENDER
LG
Leser Group
LANDLORD

Details

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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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$50,000,000.00

Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00