MMPartners acquired the former school in the Fall of 2017. Located in University City, Cloisters is steps from UScience, Drexel and Penn. While situated in the heart of Philadelphia, moments from shopping, dining and entertainment in popular neighborhoods such as the Art Museum area, Fairmount Park and Center City the environment is private and inviting, with towering trees and greenery abound. Cloisters is comprised of 47 lofts, many bi-level with historic features and beautiful windows.
The Subject Property was built in 1917 and sits on a 45,253 SF, or 1.04-acre parcel of land, with a gross building square footage of 32,542 of which 31,250 is rentable. The Subject Property is zoned RM1. The property is comprised of 15 studios, 28 one beds and 3 two beds. The average unit is 679 square feet. Lastly, the Subject Property has an existing 37-spot gated surface parking lot; the sponsors believe the lot can be reconfigured to allow for additional parking spaces.
RESIDENTIAL: 47 Units
PARKING: 38 Spaces
PROJECTED REFINANCE YEAR: 2019
ANTICIPATED COMPLETION: 2019
AMENITIES: 24/7 Fitness Facility, Package Concierge, Bike Storage, Private Parking