GFI Realty Services arranges $96 million refinance loan for University City multifamily asset

Philadelphia, PA GFI Realty Services announced the closing of a $96 million refinance loan for 4701 Pine Street, a multifamily development located in University City. The financing was arranged by Daniel Lerer, managing director, investment sales and finance at GFI Realty Services.

The property, located in the Garden Court area of University City, comprises two buildings totaling approximately 412 residential units, along with 10,000 s/f of retail space and a 260-space parking garage. The project features a renovated 192-unit pre-war building and a newly constructed 220-unit building, combining historic character with contemporary design and modern amenities.

“This refinance demonstrates continued confidence in University City and in well-executed multifamily assets that serve its expanding residential base,” said Daniel Lerer. “The lender recognized the property’s strong fundamentals and the sponsor’s focus on long-term value creation in a neighborhood that is rapidly improving.”

Situated within one of Philadelphia’s most rapidly improving submarkets, 4701 Pine Street reflects the momentum taking shape across University City’s western corridor. Once a project that faced bankruptcy nearly a century ago, the property’s transformation reached its culmination with the completion of Phase II earlier this year.

“The asset respects Garden Court’s architectural heritage while contributing to the neighborhood’s ongoing renewal,” said Lerer. “It reflects how thoughtful investment can strengthen the fabric of University City over time.”