Apartment Building on Sansom Street Changes Ownership in $40 Million Transaction
- Oct 09, 2014
By Veronica Grecu, Associate Editor
Roughly four months after paying nearly $29 million for the Oakwood Apartments, New York-based Pantzer Properties grabbed another residential building on the 1600 block of Sansom Street in the heart of Center City Philadelphia.
As reported by the Philadelphia Business Journal, Pantzer paid an estimated $40 million for the Sansom, an eight-story multifamily building located at 1605 Sansom Street, between the Hotel Palomar and the Oakwood Apartments. The acquisition was closed through Meridian Capital Group, which arranged a $31.5 million loan on behalf of Pantzer.
Completed in 2012 by Pearl properties and designed by DAS Architects, the Sansom is an infill development including 104 rental apartments in a combination of studios, one-, and two-bedroom units, as well as bike parking, a fitness center and street-level retail space occupied by Adolf Biecker Spa and Salon, and restaurants Abe Fisher and Dizengoff. According to a blog post by PhiladlephiaHeights, rents start at roughly $1,900 for a one-bedroom unit.
According to the Commercial Observer, the five-year loan was issued by Investors Bank and features a rate of 3.13 percent interest-only payments for the first two years, followed by an amortization schedule spanning 30 years.
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