Published Date: Oct 7, 2014, 2:49 pm
Pantzer Properties has made its second recent buy in Philadelphia and acquired the Sansom for $42 million.
The 8-story building at 1605 Samsom St. has 104 rental units. It also has 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon as well as two restaurants, Abe Fisher and Dizengoff.
Meridian Capital Group arranged $31.5 million in acquisition financing for the property. The 5-year loan, which was issued by an undisclosed regional lender, has a fixed-rate of 3.1 percent and two years of interest-only payments followed by a 30-year amortization schedule.
In June, Pantzer, a New York real estate company, bought the Oakwood Philadelphia, an extended-stay rental property for $28.87 million. The complex is located next door to the Sansom at 1601 Sansom St. It has 80 units and 11,192 square feet of retail space. Pantzer intends to rename the Oakwood the Point at Rittenhouse Row and convert it into a market rate rental community.
Pearl Properties, a Philadelphia real estate company, constructed the Sansom roughly two years ago.