Starwood Property Trust has provided $183 million in financing backing the transformation of the Presidential City apartment complex in Philadelphia, Pennsylvania, Real Estate Capital has learned.
Developer Post Brothers paid $84 million for the property and plans to ultimately pump a reported $240 million into its renovation.
Post Brothers gutted each of its four, 12-story buildings, redid façades, interiors and reconfigured retail and amenity space.
The developer, who did not immediately respond to messages seeking more detail, recently completed a $100 million first phase renovation of the 1950-era property, which includes a new on-site resort called Sora Pool Club.
Meanwhile, the renovation of the four apartment towers, named after the first four US presidents, is underway; and at least one, The Madison, has been opened for occupancy. More than 1,000 units will ultimately be available. Panera Bread and a sushi restaurant are reported to be among the incoming retail tenants.
The Sora Pool Club offers three pools, including a 75-foot lap pool, a central lounge pool and a kiddy pool. Additional amenities include dog exercise tracks, gardens, cabanas, hot tubs, outdoor kitchens and a roof deck.
Starwood Property Trust, one of the largest non-bank lenders in the country, declined requests to comment on the deal.