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2222 Market St, Philadelphi...

Parkway Corporation Secures $187M Loan For Office Building At 2222 Market Street
FINANCEDOffice

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

Morris Betesh

Arrow Real Estate Advisors

Broker

$12.4B

vol

214 deals

Broker
Greystone
GreystoneBrokerage
Citizens
CitizensLender

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