The Curtis building nabs $173M loan to help finish apartments conversion

The developers behind the renovation of the historic Curtis building on Washington Square just nabbed a $173.25 million loan that will help bring construction of luxury apartments to the finish line.

JLL Capital Markets announced that it secured the multi-million dollar loan for developer and owner Keystone Property Group. Some of the funds will be used to pay off some debt, while $30 million will go toward the completion of the Curtis building’s 63 residential units and future office and retail space.

Keystone Property Group purchased the building at 6th and Walnut for $125 million in 2014. Soon after, the developer began renovations on the property, restoring the 12-story atrium and bringing on tenants like the restaurant P.J. Clarke’s.

The debut of the residential component, dubbed the Lyndon at the Curtis, has been pushed back by months. The 63 high-end luxury units are located on the upper floors of the 12-story building. Though it was expected to start leasing for late spring move-ins, it is now leasing for the fall.

Currently, prices range from $2,702 for a 899-square-foot one-bedroom apartment to $6,585 for a 1,681-square-foot three-bedroom unit. Eventually, there will also be apartments up to 2,000 square feet available.

In an interview with Curbed Philly earlier this year, Rich Gottlieb of Keystone Property Group said views from the apartments are just one of the perks. Residents will also have access to a long list of amenities like a clubroom, fitness center, private dining room, and a dog spa.

Gottlieb said residential component of the Curtis made sense for the neighborhood, where there is still room for rentals in a condo-heavy location. The hope is that the addition of restaurants, retail, office, and residential to Washington Square will help it become a 24/7 destination versus a nine-to-five hub, he said.

According to the Lyndon’s website, some of the first apartments will be move-in ready by late October.