Rubenstein Partners has secured a $127 million refinancing of Chesterbrook, the 1.1 million-square-foot, 14-building office campus in the King of Prussia/Wayne, Pa., submarket, part of the greater Philadelphia region.
The new loan, provided by funds managed by Waterfall Asset Management’s commercial real estate lending platform, in conjunction with a significant investment of new equity from Rubenstein along with some third parties, recapitalizes the property to drive the company’s long-term business plans for the class A office campus. The loan comprises upfront proceeds as well as funding to support future leasing and capital improvements.
The loan also will support Rubenstein’s continued strategic leasing efforts and allow the company to reinvest in the property in ways that will further boost the asset’s reputation as a leading office campus in suburban Philadelphia.
“Rubenstein has remained steadfast in its deep commitment to Chesterbrook, and thi
