{"id":1004205797,"date":"2018-02-06T08:31:53","date_gmt":"2018-02-06T16:31:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205797"},"modified":"2022-12-08T18:03:41","modified_gmt":"2022-12-09T02:03:41","slug":"the-philly-met-to-reopen-lands-56m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-philly-met-to-reopen-lands-56m-in-financing\/","title":{"rendered":"The Philly Met to Reopen, Lands $56M in Financing"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004205798\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517586816335.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004205798\" data-attachment-id=\"1004205798\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-philly-met-to-reopen-lands-56m-in-financing\/the-met-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517935107850.jpg\" data-orig-size=\"760,571\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Met Rendering\" data-image-description=\"&lt;p&gt;The Philadelphia Met Rendering, to reopen at 858 N. Broad St.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Philadelphia Met Rendering, to reopen at 858 N. Broad St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517935107850.jpg?w=760\" class=\"wp-image-1004205798 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517935107850.jpg\" alt=\"The Philadelphia Met Rendering, to reopen at 858 N. Broad St.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517935107850.jpg 760w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/The-Met-Rendering-e1517935107850.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004205798\" class=\"wp-caption-text\">Rendering of The Philadelphia Met, to reopen at 858 N. Broad St.<\/p><\/div>\n<p>D2 Capital Advisors has obtained $56 million in construction financing on behalf of developer Eric Blumenfeld of EB Realty Management. Fulton Bank, PIDC, Enhanced Capital and Procida Funding secured the financing package. Funds will be used to finish renovations at Philadelphia Metropolitan Opera House (The Met), which have been on hold since 2013.<\/p>\n<p>Live Nation will operate the Met, located at 858 N. Broad St., as a live concert hall, the largest of its kind in Philadelphia. Atkin Olshin Schade Architects is in charge of redesigns. Renovations at the\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-developments-pick-up-steam-in-philadelphia\/\">Philadelphia property<\/a>\u00a0are slated\u00a0for completion by the end of the year.<\/p>\n<p>\u201c<em>D2 worked to partner us with the right lending sources for The Met that not only understood our vision for the project and could fund construction but also was interested in participating in the tax credit financing,<\/em>\u201d Blumenfeld said in a prepared statement.<\/p>\n<h2>Past troubles<\/h2>\n<p>The 39,200-square-foot historic building first opened its doors in 1908, developed by theater and opera impresario Oscar Hammerstein I. At more than 4,000 seats, it was the largest of its kind in Philadelphia. Throughout its 110-year history, it served as an opera house, movie theater, sports venue, ballroom and, most recently, the Holy Ghost Headquarters Revival Center.<\/p>\n<p>The church acquired The Met in 1997 for $250,000, according to <em>The Philadelphia Inquirer<\/em>. The property had fallen into disrepair and was marked as unsafe by the City of Philadelphia. Blumenfeld entered into an agreement to redevelop the building and purchased it for just $1 from the church in 2013, according to public records.\u00a0A lawsuit filed against Blumenfeld followed, the church stating that Blumenfeld\u2019s company had misled them, after construction permit issues appeared.<\/p>\n<p><em>Rendering courtesy of Atkin Olshin Schade Architects\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After 110 years of history including being on the verge of demolition, a lawsuit and delayed redevelopment, Philadelphia Metropolitan Opera House is scheduled to reopen in late 2018.<\/p>\n","protected":false},"author":1284,"featured_media":1004506918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,10,1494],"tags":[39017,39019],"class_list":["post-1004205797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-northeast","category-philadelphia","tag-blumenfeld-development-group","tag-procida-funding-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Philly Met to Reopen, Lands $56M in Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-philly-met-to-reopen-lands-56m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Philly Met to Reopen, Lands $56M in Financing\" \/>\n<meta property=\"og:description\" content=\"After 110 years of history including being on the verge of demolition, a lawsuit and delayed redevelopment, Philadelphia Metropolitan Opera House is scheduled to reopen in late 2018.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-philly-met-to-reopen-lands-56m-in-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-06T16:31:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:03:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/The-Met-Rendering-e1517586816335.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"772\" \/>\n\t<meta property=\"og:image:height\" content=\"579\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-philly-met-to-reopen-lands-56m-in-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-philly-met-to-reopen-lands-56m-in-financing\\\/\"},\"author\":{\"name\":\"Tudor Scolca\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/daae3daa7b99fdfb75a85cb3cd92a26d\"},\"headline\":\"The Philly Met to Reopen, Lands $56M in Financing\",\"datePublished\":\"2018-02-06T16:31:53+00:00\",\"dateModified\":\"2022-12-09T02:03:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-philly-met-to-reopen-lands-56m-in-financing\\\/\"},\"wordCount\":306,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-philly-met-to-reopen-lands-56m-in-financing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/The-Met-Rendering-e1517586816335.jpg\",\"keywords\":[\"Blumenfeld Development Group\",\"Procida Funding &amp; 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