Cushman & Wakefield served as the exclusive advisor to Ivy Realty and DW Partners in the procurement of $27.5 million in refinancing for a residential property with retail totaling approximately 82,556 buildable s/f at 1600 Callowhill Street in Philadelphia, Pennsylvania.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala and Noble Carpenter III represented Ivy Realty. The lender in the transaction was BBVA.
“This transaction was unique in that Ivy Realty in partnership with DW Partners delivered differentiated rental product in luxury loft units which leased quickly in the market and lenders who understood the growth in the sub market were eager to lend on the asset and Sponsorship,” said John Alascio of Cushman & Wakefield. “The lease with Sonder for a portion of the units in the building further showcased the high quality build and led to a competitive marketing process.”
1600 Callowhill Road is a brand-new multifamily building located between the City Center and Philadelphia’s Fairmount neighborhood. The property features amenities such as a rooftop terrace, gym, lounge, parking, concierge, exposed brick and in-unit washers and dryers.
Approximately 40 percent of the building’s units are leased to Sonder, a short-term rental start-up in nearly 30 cities that recently surpassed a valuation of over $1 billion.