Istar Buys 10 Ritenhouse at Sheriff Sale
Yesterday, as reported previously, Istar Financial, the NY based lender for Rittenhouse Square luxury condo 10 Rittenhouse, purchased the remaining 129 unsold condominiums at sheriff’s sale. 10 Rittenhouse Square, located at 130 S. 18th St. in Center City, Philadelphia was developed by ArcWheeler and has been embroiled in legal controversy for the last few years. Istar Financial was the senior lender on the $300 million, 33-story project, comprising 150 units and ground-floor commercial/retail space. It is owed $175 million, while the mezzanine lender, Delaware Valley Real Estate Investment Fund, is due about $35 million. Developer Carl Dranoff, the building’s listing agent, is the only person who attempted to purchase a unit. The purchase by Istar marks the end of the foreclosure process and brighter days are finally on the horizon for 10 Rittenhouse.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
CenterCityTeam.com: Philadelphia Real Estate
