October 19, 2010 - (Philadelphia, PA) National Real Estate Advisors today announced closing a $17 million first mortgage loan on behalf of one of its pension fund clients, the proceeds of which will finance the renovation of the property located at 1201 Chestnut Street into apartments. Work is already underway on the adaptive reuse of the historic former Commonwealth Title Insurance Trust Company office building.
The property, located in Center City, will be converted into 98 market-rate housing units with ground floor retail. 1201 Chestnut Street is within walking distance of public transportation, numerous restaurants and businesses, and is in convenient proximity to several schools and universities.
The upscale apartments will include a mix of one and two-bedroom units designed for efficient living. Standard features will include high ceilings, granite countertops, contemporary wood cabinetry, tile bathroom floors, higher-end plumbing fixtures, and other tasteful appointments constructed within the building’s beautiful historic facade. Each apartment will have a range, microwave, refrigerator, dishwasher, garbage disposal, and stacked washer and dryer.
Rehabilitation of the property is expected to generate work for 300 construction tradespeople in Philadelphia, a city in which the construction industry has been especially hard hit by the economic downturn.
Specializing in real estate investments on behalf of large institutional investors, National Real Estate Advisors, LLC (National) manages more than $1 billion of client capital. To learn more about National, please visit our website at www.natadvisors.com.