Marine Club Apartments

200 Unit Apartment Building
Philadelphia, PA

$24MM Permanent Loan
$4MM Preferred Equity

This Property, a fractured condominium with 205 of 300 units for rent, was real estate owned by the prior lender. The Borrower needed high leverage financing to take back possession of the property, pay off the previous lender, buy additional units from other condo owners, and provide an equity recapture.

Washington Square arranged a $24MM senior loan, along with $4MM of preferred equity, to accomplish this highly structured and complex transaction.