The asset involved in this transaction is an office portfolio located in Philadelphia and Pittsburgh, encompassing a total square footage of 811,025. The portfolio is fully leased to prominent tenants including Drexel University and University of Pittsburgh, reflecting its stable occupancy. The transaction consists of a refinancing arrangement totaling $475 million with loan terms classified as non-recourse.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $475,000,000
• Market: Philadelphia & Pittsburgh
• Lender: Wells Fargo and J.P. Morgan Chase
• Landlord: Debra A. Cafaro - Ventas Inc. ; Lim Chow Kiat - GIC
• Loan Type: Refinance
• Loan Terms: non-recourse
• Square Footage: 811,025
• Allocation: $247 million to Drexel Health Science Building; $228 million to The Assembly
• Interest Rate: 5.75% fixed
• Maturity: 2029

This transaction features key individuals from down the ownership line, where Debra A. Cafaro represents Ventas Inc. and Lim Chow Kiat represents GIC. Their respective companies are securing the refinancing deal with backing from notable lenders, Wells Fargo and J.P. Morgan Chase, aimed at enhancing the portfolio's financial structure.