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$103M Financing Secured for Philly Redevelopment
Post Brothers, headed by Michael and Matthew Pestronk, secured $102.8 million in first-mortgage financing to redevelop 260 S. Broad St. in Philadelphia. The brothers plan to convert the vacant historical building into a 268-unit, residential rental property that will be called The Atlantic. Natixis provided the floating-rate loan to the developer.
The multifamily property will have amenities including a business lounge with conference center for residents, a clubhouse, a pool, a fitness center with yoga studio, and a rooftop with dog park and grilling areas.
“The Atlantic will be another premier residential building that will be similar to previously delivered first class Post Brothers buildings, and will take full advantage of the vibrant and growing Center City market,” said Natixis’ Greg Murphy.
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