Skip to content
Real Estate
Link copied to clipboard

Lender buys 10 Rittenhouse units at sheriff's sale

The 129 unsold units 10 Rittenhouse were purchased at sheriff sale by Istar Financial, the lender that foreclosed on it

The 129 unsold condominium units at 10 Rittenhouse Square at 130 S. 18th St. in Center City were sold at sheriff's sale today to Istar Financial, the lender that had foreclosed on the developer, ArcWheeler, last year.

The developer agreed in May 2011 not to contest the foreclosure.

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, who was appointed the building's receiver in May by Common Pleas Court, said one person had attempted to buy a single unit, but was disqualified because it was a bulk sale.

"The foreclosure process has concluded," Dranoff said.

The lender will become the owner in 30 days when the deed is transferred.