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Post Brothers Scores $312M Refi on Philadelphia Mixed-Use
Real estate development and investment firm Post Brothers has completed the refinancing of the first phase of its flagship mixed-use residential property, Piazza Alta in Philadelphia, for a total of $312 million. The new loan from Societe Generale and Rockwood Capital represents the largest single-asset financing on a market-rate property in the U.S. in more than 14 months, according to MSCI Real Assets data.
“The exceptionality of the financing is a direct reflection of the exceptionality of the property,” said Post Brothers co-founders Mike and Matt Pestronk. The project completed lease-up of its 695 apartments and leased 37,000 square feet of retail space within 15 months of opening,
Ackman Ziff and Piper Sandler arranged the financing.
- ◦Financing
