GFI Realty Services announced the closing of a $96 million refinance loan for 4701 Pine Street, a multifamily development located in the heart of University City, Philadelphia.

The financing was arranged by Daniel Lerer, Managing Director, Investment Sales and Finance at GFI Realty Services. The property, situated in the Garden Court area of University City, comprises two buildings that total approximately 412 residential units, along with 10,000 square feet of retail space and a 260-space parking garage. The project features a renovated 192-unit pre-war building and a newly constructed 220-unit building, combining historic character with contemporary design and modern amenities.

“This refinance demonstrates continued confidence in University City and in well-executed multifamily assets that serve its expanding residential base,” said Daniel Lerer. “The lender recognized the property’s strong fundamentals and the sponsor’s focus on long-term value creation in a neighborhood that is rapidly improving.”