CIT Bank Provides $39M Loan For Medical Office At 3 Crescent Drive In Philadelphia
FINANCED
$39,000,000
Pennsylvania
See Similar DealsOffice95,261 SF
Financed 03/31/2021
FINANCED
CIT Bank Provides $39M Loan For Medical Office At 3 Crescent Drive In Philadelphia
3 Crescent Drive, Philadelphia, PA, USA
See Similar DealsOffice95,261 SF
Financed 03/31/2021
Summary
PENNSYLVANIA
Asset Type:Office
Price Per Square Foot:$409
Total Square Footage:95,261 SF
Transaction Type:Loan
A medical office located at 3 Crescent Drive in Philadelphia, PA was involved in a recent closed transaction. The property, with a total square footage of 95,261, was the asset type for this deal. The transaction took place on 03/31/2021.
Summary of transaction details
- Property Type: Medical Office
- Transaction Amount: $39,000,000
- Address: 3 Crescent Drive, Philadelphia, PA
- Market: Philadelphia, PA
- Lender: CIT Bank
- Landlord: Norvin Healthcare Properties - Norman Livingston
- Broker: JLL
Norvin Healthcare Properties, represented by Norman Livingston, acted as the landlord in this transaction. The loan amount for the deal was $39,000,000, facilitated by CIT Bank. JLL served as the broker for the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$39,000,000.00
Monthly NOI$260,000.00
Monthly Debt Service$246,506.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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