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

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.