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Brokerage
Posted: May 21, 2012
Cadranell of HFF arranges $66.25 million construction loan for Pearl Properties
Holliday Fenoglio Fowler, LP (HFF) has arranged a $66.25 million construction loan for The Granary, a mid-rise multi-housing development in Center City (located the Logan Sq. neighborhood.)
HFF worked exclusively on behalf of the borrower, Pearl Properties, to secure the three-year construction loan through Wells Fargo Bank.
Upon completion in 2013, The Granary will have 227 one and two-bedroom apartment homes averaging 842 s/f each, 20,654 s/f of ground level retail space and underground parking.
The HFF team representing Pearl Properties was led by managing director Jim Cadranell.
"It was a pleasure to represent Pearl Properties on this assignment to help create a first class property in one of the hottest apartment markets in the country," said Cadranell.
Pearl Properties is a leading Philadelphia-based owner/developer of apartments, retail and mixed-use properties.
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