Financing completed on historic property.Related Capital Company, a real estate financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm, today announced that it closed a $10.5 million tax credit fund to invest in the rehabilitation rehabilitation: see physical therapy. of an historic property in University City in Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. . The 282-unit luxury apartment complex contains 90,000 square feet of office and 20,000 square feet of retail space. The University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. will lease the entire office space. The two Fortune 500 companies that invested in this fund will receive significant economic benefits plus $10.5 million in federal Historic Tax Credits. The $58 million complex, to be known as The Left Bank, involves the renovation of the former General Electric building, which was originally built as the Pennsylvania Railroad Pennsylvania Railroad, former U.S. transportation company; inc. 1846 by the Pennsylvania legislature. It opened in 1854 as a single-track line between Philadelphia and Pittsburgh. Freight Building. The University of Pennsylvania will maintain ownership of the land. The University entered into a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. lease with Dranoff Properties, developer and manager of The Left Bank, which secured financing through Related Capital Company. The project will offer high-end luxury housing and will be the only housing of its type in the University City area. The groundbreaking ceremony is scheduled for June 13 with initial occupancy scheduled for January 1, 2001. Marc Schnitzer, Managing Director of Related Capital Company, said, "We are proud to play an important role in the largest residential conversion underway in Philadelphia in a long time. Given the quality of the project and Dranoff's development and marketing expertise, we are certain The Left Bank will be a success." |
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