Philadelphia

City Avenue Complex Gets New Loan

Post Brothers has refinanced Presidential City, a large apartment complex on City Avenue in Philadelphia that overlooks the Schuylkill Expressway, with a $183 million loan.

The four-building complex has 1,018 apartments and is undergoing a $100 million top-to-bottom gut renovation.

Post Brothers has been redeveloping each of Presidential City’s 12-story buildings, re-skinning the façades, reconfiguring portions for retail and amenity spaces, and renovating each unit. An expansive pool area called the Sora Pool Club was also redeveloped.

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The complex was dated when Post Brothers bought it for roughly $51 million in December 2012. The apartments were originally built beginning in the early 1950s.

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