News & Press
Multi Capital Completes $82,000,000 financing of
The Plaza at PPL Center in Allentown, Pennsylvania
Allentown, PA
Multi Capital today announced that it has completed the financing of 835 West Hamilton Street, known as The Plaza at PPL Center. The buyer was a group of International investors led by Mr. Safrin and Avery Egert of NYC. Liberty Property Trust was the seller. The Plaza at PPL Center is an eight-story, trophy office building, and was sold with a nearby, parking garage. The 252,193 square foot building houses four tenants, including PP&L Energyplus LLC for 79% of the building. First floor retail tenants include Nazareth National Bank in 3%, and Amazon Café and Johnny Manana's for a total of 3%. Liberty Property Trust built the building and the 1,109 space parking garage in 2003.
Michael Hagan, Executive Vice President and Chief Investment Officer / Elena Shpe, Director of Acquisitions at Liberty Property Trust, said that "it was important to PPL that we create a building with a trophy design from a signature architect for them, employing leading-edge, environmentally conscientious construction methods and systems to house their energy trading operations and several other divisions. We were very pleased to pull together a team led by Robert A.M. Stern Architects to design this award-winning building" The Plaza at PPL Center made the American Institute of Architect's Top Ten list in 2004. That year, it was also awarded Gold LEED certification from the U.S. Green Building Council. The building recently received its second Energy Star Award from the Environmental Protection Agency for 2006, after having won it in 2004.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.