Copyright © 2004 Frankel Financial Corp.

$2.3 Million Condominium Conversion in Old City, Philadelphia

Description: A recent customer of Frankel Financial Corp. signed an Agreement of Sale to purchase a building on Chestnut Street in Philadelphia with a restaurant on the first floor, a dilapidated nightclub on the second floor, and three floors in shell condition.  The problems, an ongoing divorce proceeding prevented the borrower from using common assets for the project, the Agreement of Sale was to expire in forty-five days, and there was only $170,000 in down payment money available. 

Solution: Frankel Financial Corp. secured a purchase and renovation loan at 80% of the purchase price of the building and 100% of the hard costs of renovation.  Working with the same lender, Frankel Financial Corp. then leveraged the individually held home for the balance of the project cost.  Upon completion, this historic building will be completely refurbished into a restaurant with eight luxury condominium apartments.

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455 Pennsylvania Avenue Suite 2LF • Fort Washington, PA 19034
(215) 641-9700 • (215) 641-0498 •