Multifamily Refi Hits Warp Speed
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|The refi party continues, fueled by low interest rates but also a stock of properties that need it. “Philadelphia is a very strong market for refinancing at present, especially within the Center City submarket,” Walker Dunlop SVP Jay Thomas tells us. Recently the company, through its correspondent relationship with Carey, Kramer, Pettit, Panichelli & Associates, oversaw the $70.2M refi of a portfolio of Pennsylvania historic properties that are now multifamily buildings, most of which are in Philadelphia: Chocolate Works Apartments (pictured), Shadyside Commons Apartments, Sharples Works Apartments, the Touraine Apartments, Trinity Row Apartments, Waterfront I Apartments, and Waterfront II Apartments. For the foreseeable future, Jay says, the potential for more refi in Philly hasn’t been exhausted.|