The Philly Met to Reopen, Lands $56M in Financing
- Feb 06, 2018
D2 Capital Advisors has obtained $56 million in construction financing on behalf of developer Eric Blumenfeld of EB Realty Management. Fulton Bank, PIDC, Enhanced Capital and Procida Funding secured the financing package. Funds will be used to finish renovations at Philadelphia Metropolitan Opera House (The Met), which have been on hold since 2013.
Live Nation will operate the Met, located at 858 N. Broad St., as a live concert hall, the largest of its kind in Philadelphia. Atkin Olshin Schade Architects is in charge of redesigns. Renovations at the Philadelphia property are slated for completion by the end of the year.
“D2 worked to partner us with the right lending sources for The Met that not only understood our vision for the project and could fund construction but also was interested in participating in the tax credit financing,” Blumenfeld said in a prepared statement.
The 39,200-square-foot historic building first opened its doors in 1908, developed by theater and opera impresario Oscar Hammerstein I. At more than 4,000 seats, it was the largest of its kind in Philadelphia. Throughout its 110-year history, it served as an opera house, movie theater, sports venue, ballroom and, most recently, the Holy Ghost Headquarters Revival Center.
The church acquired The Met in 1997 for $250,000, according to The Philadelphia Inquirer. The property had fallen into disrepair and was marked as unsafe by the City of Philadelphia. Blumenfeld entered into an agreement to redevelop the building and purchased it for just $1 from the church in 2013, according to public records. A lawsuit filed against Blumenfeld followed, the church stating that Blumenfeld’s company had misled them, after construction permit issues appeared.
Rendering courtesy of Atkin Olshin Schade Architects