Square Mile Originates $195M for Philly Multifamily Acquisition
(Updated with additional information)
Square Mile Capital Management LLC kicked off 2022 by originating a $195-million loan secured by 1500 Locust, a 45-story, 612-unit multifamily building in Philadelphia’s Rittenhouse Square submarket. The acquisition financing, arranged by Meridian Capital Group’s Drew Anderman and Alan Blank, went to a joint venture between Fairstead and Castlelake.
“1500 Locust enjoys an irreplaceable location right off Rittenhouse Square, with excellent access to Philadelphia’s growing ‘Meds and Eds’ population,” said Eric Cohen, Square Mile Capital principal. “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.”
The property sold for a total of $233 million, the largest single-asset multifamily sale in Philadelphia history, according to Newmark. The firm’s Lizann McGowan and Erin Miller represented the seller, Barings, which traded the asset on behalf of an institutional client
The property is currently more than 97% occupied. It 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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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