Square Mile Capital Management LLC today announced that it has originated a $195.0 million loan secured by 1500 Locust, a45-story, 612-unitmultifamily building with 7,700 square feet of retail space located in the Rittenhouse Square submarket of Philadelphia, PA.
Square Mile Capital provided acquisition financing to a joint venture between Fairstead and an institutional equity partnerto acquire and renovate the asset. The financing was arranged by Drew Anderman and Alan Blankof Meridian Capital Group.
Square Mile Capital Principal Eric Cohen said, “1500 Locust enjoys an irreplaceable location right off Rittenhouse Square, with excellent access to Philadelphia’s growing ‘Meds and Eds’ population. With planned improvements and an already-robust common amenity package, we think that the property is poised for continued growth and success under its new ownership.”
“1500 Locust is situated in a prime location in Philadelphia, with access to world-class attractions, award-winning dining, high street retail and mass transit, while offering top-tier amenities and living spaces,” said David Murstein, Managing Director, Development at Fairstead. “We aim to enhance the residential experience at the building with improvements to amenity spaces, apartments, and programming, ensuring that 1500 Locust remains one of the most desirable places to live in the city.”
The property is currently over 97 percent occupied and features in-unit washer/dryers, balconies in select units, a rooftop resident lounge, fitness center, indoor heated rooftop pool and jacuzzi, media room with theater seating, and an outdoor sundeck with private cabanas and grilling areas.
1500 Locustis centrally located in Center City Philadelphia, a few blocks from the city’s main retail and F&B corridor, with over 200 luxury stores and the city’s top restaurants. Center City, with 193,000 residents, is the fastest growing submarket of Philadelphia, which has attracted nearly 25 percent of all new Philadelphia residents. The property is walking distance from the 1.8 million square foot Comcast Center office development and the University of Pennsylvania Medical Pavilion expansion.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
About Fairstead
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm’s national footprint includes more than $6 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead’s team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry’s most proactive community impact programs to provide on-site support services to residents. For more information, visit www.fairstead.com.
