Marine Club Apartments

200 Unit Apartment Building
Philadelphia, PA

$4MM Preferred Equity

Challenge
This Property is a fractured condominium with 205 of 300 units owned by the Sponsor. The borrower needed high leverage financing to pay off the existing lender, buy additional units, and provide equity recapture.

Solution
Washington Square with $4MM of preferred equity, along with a $24MM senior loan, to accomplish this highly structured and complex transaction.