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Keystone Property Group Refinances The Curtis For $173M

The exterior of the Curtis Building in Old City, Philadelphia

Keystone Property Group has refinanced The Curtis, its mixed-use building overlooking Washington Square.

The developer obtained a $173M loan from TPG Real Estate, with $30M earmarked for constructing 63 more residential units, and the rest going toward retiring existing debt. JLL's Capital Markets team secured the loan.

The Curtis, built in the early 20th century to house the Curtis Publishing Co., is a 13-story, 912K SF building composed of mostly office space, including co-working operator Benjamin's Desk and Philadelphia Magazine. Keystone purchased the building in 2014 with Mack-Cali Realty Corp., repositioning it as The Curtis from the Curtis Center and revamping its massive atrium.

That atrium will soon contain 52K SF of retail, including a two-story P.J. Clarke's cocktail bar and restaurant that will open onto Walnut Street. As of this writing, Keystone lists 121K SF of office space as available on its website