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Philadelphia Commercial Real Estate

MULTIFAMILY MONEY

Although this building looks like a big cardboard cutout, Forest City Enterprises just booked a more than $28M refinancing deal with Fannie Mae for The Drake Tower in Center City. The 284-unit apartment tower's mortgage was originated by Red Mortgage Capital; this is the second major project that Red has provided capital for this year, including a $20M first mortgage for The Commonwealth apartments.

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