Mortgage broker philadelphia

Keith Braddish, a senior director in L.J. Melody & Company's New York office, is on a hot streak. Most recently, Mr. Braddish secured financing for two properties in Philadelphia, Penn. within a 30-day period.

Fixed rate financing in the amount of $33 million was secured for Rodin Place, a retail/mixed-use property. The property, at 2000 Hamilton St. and 2001 Pennsylvania Ave., in the Art Museum and Logan Square north neighborhood of Philadelphia, is conveniently located at the edge of the Central Business District.

Rodin Place was originally constructed as a warehouse in 1929 and converted to its present mixed-use layout in 1989. The 301,595 s/f property consists of a five-story, mixed-use retail/office building and a one-story Whole Foods supermarket built in 1996. An outside parking lot and indoor garage, along with self-storage, are also part of the asset. The property is 98% leased. The borrower, Valhal Corporation, is a New York-based developer of commercial and residential properties in the Northeast.

Fixed-rate financing in the amount of $4.5 million was arranged for an office/warehouse property known as SoHo South. The borrower, Valhal Corporation, purchased the property in 2000 in a sale-lease-back transaction that left the property at a 15% occupancy rate shortly after purchase. Intensive capital improvements and successful leasing efforts resulted in 95% occupancy shortly after. SoHo South, located on an 11-acre site at 3500 Scotts Lane, consists of 175,000 s/f, with approximately 20,000 s/f of self-storage space. The Philadelphia Museum of Art is one of the various tenants that occupy the property.

Morgan Stanley Mortgage Capital, Inc. provided funding for both transactions on behalf of the borrower. Robert Krawiecki, of L.J. Melody's Philadelphia office, cooperated with Mr. Braddish on both transactions.