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Philadelphia Parking Garages
$19,910,000 Acquisition & CapEx Financing
Philadelphia, PA | April 2021
Thorofare Capital has funded a bridge loan for The Hyatt Centric and The Cube parking garage portfolio, two properties totaling 796 stalls across 253,106 square feet in Philadelphia’s Central Business District.
The loan closed in less than 20 days from application in order to support a timely acquisition at a discounted purchased price.
The Hyatt Centric is positioned right off Rittenhouse Square, considered one of the premiere office and residential locations in Philadelphia.
The Cube is situated in one of Philadelphia’s most established and prestigious locations, Washington Square and Society Hill, which offer high income demographics, a high concentration of single-and multi-family dwellings, as well as Class A high-rise and historic office buildings.
Within a few blocks of Washington Square, 2,547 residential units, over 3 million SF of office space and 6 healthcare and educational institutions drive stable monthly parking demand. 487 residential condos sit immediately above The Cube, which provides for a built-in demand driver for the parking use.
The non-recourse, interest-only bridge loan carries an initial term of two years and includes two additional performance-based extension options.
The facility includes partial release prices in connection with a sale or refinancing, a flexible prepayment window and a CapEx Holdback to cover estimated renovation costs to maximize potential revenue.
The sponsor is a Texas-based real estate private investment firm that focuses on the investment, development, and management of more than 2 million SF of urban/in-fill real estate.