Parkway Corporation Secures $187M Loan For Office Building At 2222 Market Street
2222 Market St, Philadelphia, PA 19103, USA
$187,000,000
$613/SF
Building Size
305,000 SF
Asset Type
Office
Closing
Aug 5, 2020
AI
The office property located at 2222 Market Street in Philadelphia, PA was involved in a closed transaction. The loan image includes Morris Betesh, Ronnie Levine, Thomas Wayda, Phil Galligan, and Omar Ferreria.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $187,000,000
- Address: 2222 Market Street, Philadelphia, PA
- Market: Philadelphia, PA
- Landlord: Parkway Corporation
- Lender: citizens''>Citizens Bank, Santander, ACORE
The financing for the transaction included a senior loan provided by a syndicate of lenders, led by Citizens Bank and also involving Santander and ACORE.
Players
Philadelphia Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93