Greenwich, Conn.-based Ivy Realty is borrowing $23.3 million from Santander Bank N.A. to convert an industrial building that currently houses offices at 1600 Callowhill St. into apartments.
The real estate investment firm plans to redevelop the six-story property into 93 rental units and 2,600 square feet of ground floor retail, commercial real estate firm Cushman & Wakefield, which brokered the loan, said in a release Tuesday.
Ivy plans to maintain the 107-year-old property's historic character in its renovation plans, to qualify for support through the federal historic tax credit program, Cushman & Wakefield said. The 107-year-old structure, listed on Philadelphia's Register of Historic places, was originally built as a warehouse and was converted into offices in 1990.
Ivy acquired the 123,750-square-foot building for $11 million in December 2016, according to records filed with the city.