Updated Oct 29, 2024
CIT Bank Provides $39M Loan For Medical Office At 3 Crescent Drive In Philadelphia
3 Crescent Drive, Philadelphia, PA, USA
$39,000,000
$409/SF
Building Size
95,261 SF
Asset Type
Office
Closing
Mar 30, 2021
About this deal
AI
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.
On the Map
$39,000,000
$409/SF
Office
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Players
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Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93