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Old Posted Jan 11, 2017, 1:17 PM
1487 1487 is offline
Join Date: Jun 2014
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Originally Posted by PhillySteaks View Post
Is it $500m or $300M? I also read another article that said $280M. I think their is a typo up top. The office component has the highest likelihood of getting the axe. I don't know if you can get the rents to justify new development in that location, especially because there is no KOZ - but we won't know until that time comes. Maybe there is a lot of people out there willing to pay $45+ for office space at Broad & SG. I think the apts will be an easy build, 87k SF of retail for that intersection seems like a major hurdle to jump though - although if it happens the intersection could turn into a real hotspot between all the apts, neighborhoods, current office, CCP, and the subway stop. I'm curious what kind of rents they're underwriting for the retail and office. On the $300M price 60% LTV construction loan with no Mezz means they need $120M in equity to get this going, not to mention 50% preleasing on the office and who knows for the retail. Has parkway done deals of this size in the past? If so, then they should be plenty capable.
The PBJ article said $480M but that doesn't sound right to me at all. I think the figure is more accurate.
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