Rubenstein Partners, L.P. secured a $127 million refinancing of Chesterbrook, the 1.1 million-square-foot, 14-building office campus in the King of Prussia submarket, part of the greater Philadelphia region.
The new loan, provided by funds managed by Waterfall Asset Management’s commercial real estate lending platform, in conjunction with a significant equity investment from Rubenstein and other third parties, recapitalizes the property to support the company’s long-term business plans for the campus.
The loan comprises upfront proceeds and funding to support future leasing and capital improvements. Since acquiring the office portfolio in 2019, Rubenstein has invested more than $50 million in capital to improve and modernize the site.
The CBRE Capital Markets team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz and Justin Helbling worked in partnership with CBRE’s National Office Partners – Philadelphia team of Doug Rodio, Jerry Kranzel and Bruer Kershner to secure the financing on behalf of Rubenstein.
The post Suburban Philadelphia Office Campus Secures $127M Refinancing appeared first on Connect CRE.
​Â