$33.3M secured for International House development in Philadelphia
JLL Capital Markets represented CSC Coliving, LLC to secure financing
PHILADELPHIA, PA., September 21, 2020 – JLL Capital Markets announced today that it has arranged $33 million in acquisition and renovation financing for the International House multi-housing property located at 3701 Chestnut St. in Philadelphia, Pennsylvania.
International House sits on 1.33 acres, is 14 stories tall and consists of 10,016 square feet of occupied office space. CSC plans to convert the existing office space into apartments, with plans to fully renovate and update floors into 400 units. The second-floor office space will continue to be occupied through 2028 and the ground floor will be available to other office/retail tenants. The property is also perfectly positioned for additional 150,000 ground up development in the back portion without disrupting the existing building.
Located in University City, one of Philadelphia’s most dynamic locations and home to the University of Pennsylvania, International House is located near 5 million square feet of office space, providing over 85,000 jobs to the area. For those commuting or wanting easy access around the city, the property is conveniently located near immense walking, biking and public transportation options with over 280 restaurants and bars and 136 retailers nearby.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chad Orcutt and Analyst Blaine Fleming.
“It was a pleasure to represent CSC in arranging acquisition financing of this iconic building in the heart of Philadelphia’s University City submarket,” said Orcutt. “CSC is an expert in the co-living and multi-housing market, and we are excited to have them make their first investment in the Philadelphia market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CSC Coliving, LLC
CSC is an opportunistic real estate investment firm with deep experience executing complex transactions and unlocking embedded value. CSC operates in the United States and Mexico with investments in over 10,000 properties.