CBRE Capital Markets’ Debt & Structured Finance team has arranged a $183 million loan for the refinance of Presidential City, a Class A apartment complex in Philadelphia, Pennsylvania.

Shawn Rosenthal of CBRE’s Midtown Manhattan office secured the three-year interest-only loan with two one-year extension options on behalf of Post Brothers, a multi-family property development company based in Philadelphia, headed by Matthew and Michael Pestronk. Financing was provided by Starwood Capital.

“The financing markets were extremely impressed with the quality of the renovations to date, the interiors of the units, and the unique and expansive amenities. The Pestronk brothers truly created a destination Class A multifamily asset, unmatched in the Philadelphia area,” said Mr. Rosenthal.

“The CBRE team was able to help us obtain a loan that was commensurate with the world-class environment that we’ve created in one of Philadelphia’s most significant and historical apartment communities,” Post Brothers President Matthew Pestronk said.

Located at 3900 City Avenue, Presidential City is comprised of four high-rise towers that offer an unparalleled diverse selection of apartment layouts. In 2014, Post Brothers launched its plan to perform full gut renovations to each of the four buildings, transforming them into luxurious, high-efficiency residences that provide a rare mix of quality, accessibility and value. Post Brothers recently opened its centerpiece, the five-acre Sora Pool Club. Designed and built with a sleek Southeast Asian-inspired aesthetic, Sora mirrors contemporary VIP day clubs and resorts, designed as an ideal location for relaxation and recreation.

Presidential City’s one-, two-, and three-bedroom residences embody the portrait of urban class and stylish living. Rooms feature recessed LED overhead lighting and energy-efficient, carbon-free electric heating and cooling systems. Living areas are accented with quartz windowsills, energy star appliances and exotic, sustainable Sapele hardwood flooring. Kitchens feature antimicrobial quartz countertops, wood grained drawer spaces and high gloss cabinetry. Residents will also find premium integrated stainless steel appliances and unique features such as glass tile backsplash and a movable island, all of which are highly customizable to each resident’s preference.

Phase I of the project, which includes redeveloping Washington Tower (180 units) and Madison Tower (265 units) in addition to creating the Sora Pool Club, has been completed. Phase II, which includes redeveloping Jefferson Tower (331 units) and Adams Tower (242 units), is underway. The property is expected to be fully leased in 2017.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.