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Natixis Finances $102,795,000 for The Atlantic
Natixis provided a $102,795,000 floating-rate, first mortgage financing to Post Brothers for the redevelopment of a vacant, 21-story historic office building located at 260 South Broad Street in Philadelphia into a 268-unit luxury multi-family rental property, to be branded as The Atlantic. The property also includes an adjacent 3- story parking garage building with 205 parking spaces as part of the proposed amenities. The financing was arranged by Russell Schildkraut and Christine Zivkovic from The Ackman-Ziff Real Estate Group.
The property was designed by Rafael Viñoly, a world-renowned architect. The Atlantic is positioned to be Center City Philadelphia’s premier residential building. It will have an unrivaled amenity package with a business lounge with conference rooms for resident usage, a clubhouse, a fitness center including a yoga studio, a rooftop swimming pool, and a roof deck with dog park and grilling areas.
Center City boasts a vibrant 24/7 live-work-play environment. The property is conveniently located along the Avenue of the Arts section of South Broad Street and is within walking distance of many of the neighborhood amenities, which include cultural, dining, and retail offerings. Avenue of the Arts is also known for its prominent entertainment venues, including the Kimmel Center for the Performing Arts, Merriam Theater, Academy of Music, and the Wilma Theater.
Post Brothers is headed by Michael and Matthew Pestronk.
Greg Murphy, Head of Natixis Real Estate Finance Americas, said, “The Atlantic will be another premier residential building that will be similar to previously delivered first class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market.”
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.2 billion, a Basel 3 CET1 Ratio(1) of 11.3% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in and including current financial year’s earnings and accrued dividend (based on a 60% pay-out).
Figures as at 31 December 2019.
