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1717 North 12th Street

Updated Dec 4, 2024

Ken Goldenberg And Mark Caltabiano Of The Goldenberg Group Secure $285.5M Refinance Loan For Student Housing
FINANCEDStudent Housing

Ken Goldenberg And Mark Caltabiano Of The Goldenberg Group Secure $285.5M Refinance Loan For Student Housing

1717 North 12th Street & 1100 West Montgomery Avenue

$285,500,000

$261/SF

Building Size

545,702 SF

Asset Type

Student Housing

Closing

Jul 9, 2024

About this deal

AI

The transaction involves the refinancing of a student housing asset located at Vantage - 1717 North 12th Street and The View at Montgomery - 1100 West Montgomery Avenue in Philadelphia, PA. The property comprises 606 units with a total of 1,816 beds and spans 545,702 square feet. The total loan amount for this refinancing deal is $285,500,000.

Summary of transaction details:

This refinancing deal features multiple brokers representing the transaction, all associated with Walker & Dunlop. The prominent participants in this transaction include notable brokers such as Aaron Appel and Jonathan Schwartz, among others, who are instrumental in facilitating this deal for the landlord, The Goldenberg Group.

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$285,500,000

$261/SF

Student Housing

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Players

Aaron Appel

Walker & Dunlop

Broker

$36.2B

vol

212 deals

Broker
Walker & Dunlop
Walker & DunlopLender

Philadelphia Student Housing Market Snapshot

Boundary boundary · Student Housing · Loan transactions

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Deal FAQ

About $261 per square foot on a published $285.5M for 1,091,404 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.06%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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