Thor Equities Enters Philadelphia Market
The firm acquired 907 Market St., a 214,000-square-foot asset, part of the much larger Market East, which includes the Lits Brothers Building, East Market and Fashion District Philadelphia.
By IvyLee Rosario
Thor Equities has acquired its first property in Philadelphia, a three-story office condominium located at 907 Market St., for $41.8 million. The property is fully leased to a not-for-profit health maintenance organization.
NKF Capital Markets arranged the acquisition financing through Deutsche Bank, which provided $28.5 million of interest-only loan proceeds to finance the transaction. The NKF Capital Markets team was led by Vice Chairmen and Co-Heads, Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, and Managing Director Nick Scribani.
“907 Market St. is a high-quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia’s burgeoning City Center district,” said Joe Sitt, CEO of Thor Equities, in a prepared statement.
Retail, residential and office development projects in Market East include Fashion District Philadelphia located directly below the 214,000-square-foot property, as well as East Market and the Lits Brothers Building.
East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness and T.J. Maxx. The mixed-use project will also include 175,000 square feet of office space, and 322 residential units. Scheduled for completion in the fourth quarter of 2018, Fashion District Philadelphia is set to become the largest retail development in the city’s downtown area. The project will feature 840,000 square feet of shopping, food and entertainment, with major tenants including AMC Theatre, H&M and Century 21.
Rendering courtesy of Thor Equities