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Wednesday, 23 June 2010

Buyer Sought for Philadelphia Property

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Philadelphia Inquirer

A financially troubled Philadelphia social-service agency has been given four months to sell or refinance the Burgess Center retail and office complex in Philadelphia. Greater Germantown Housing Development Corp., or GGHDC, the development arm of Germantown Settlement, is delinquent on a $7 million mortgage on the property at West Chelten and Wayne avenues in the city's Germantown neighborhood. GGHDC filed for bankruptcy protection in April.

Burgess Center, GGHDC contends, is worth $14 million, although no independent evaluation has been done. Parke Bank, which provided the delinquent debt, said it would give $200,000 in short-term financing to pay for necessary repairs and service on the property. In return, GGHDC agreed to seek a buyer or new financing.

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Mixed-Use
  • Subject: Mid-Atlantic Regional Digest (MADIG), Mortgages/Financing (MOR), Property Offerings (OFF)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 425 times Last modified on Wednesday, 23 June 2010

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