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.

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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