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.