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Deutsche Bank backs Thor Equities purchase in Philly

NKF Capital Markets arranged financing for Thor Equities’ $41.8 million acquisition of 907 Market Street in Philadelphia, PA.

Deutsche Bank provided $28.5 million of interest-only loan proceeds to finance the transaction.

The transaction was led by by NKF Capital Markets Vice Chairmen and Co-Heads, Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, and Managing Director Nick Scribani.

Situated in Center City’s Market East submarket, the three-story office condominium sits atop two floors of retail space currently being renovated as part of the massive Fashion District Philadelphia redevelopment project.

The 214,000 s/f office property is fully leased by Health Partners Plans (HPP), serving as the company’s headquarters. HPP has tenanted the property since 2006, most recently expanding into an additional 72,000 s/f in 2014.

“907 Market Street has tremendous potential as part of the Fashion District redevelopment project. This building is in the center of all the action, which will become a cornerstone of the revitalization of Center City Philadelphia,” said Roeschlaub.

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