$110,000,000 BRIDGE FINANCING

A top Philadelphia based developer engaged BlueStone to secure financing to acquire a full city block in the heart of Center City, Philadelphia.  The site consists of parking, retail, and office.  At acquisition, the property was 95% leased, of which 60% was represented by city and government agencies.  Due to the mismanagement of the property over the previous years, BlueStone was tasked with convincing investors that our client would be able to raise the net operating income by 33%, a difficult feat considering the property was considered stabilized for so many years.  The $110,000,000 financing was underwritten with a one year term on an interest only basis.  Loan proceeds were set at 80% of the project's stabilized value subject to net operating income growth and improvements to the property.