Deal doesn't inspire towering confidence
Philly Deals
Philadelphia (August 2010)
What will it take to get big private construction projects started again around Philadelphia?
Last weeks sale of the 53-story former Bell Atlantinc headquarters tower at 1717 Arch St., to Brandywine Realty Trust, for just $129 million, or $125 per square foot, could prove a good deal for Brandywine when the market revives years from now. But it wasn't priced to inspire confidence for... read more
Falls Center is still evolving
Philadelphia Inquirer
Philadelphia (November 2009)
The historic location of the Woman's Medical College of Pennsylvania is now becoming a medical and educational complex. Despite a bad commercial real estate market, the center continues to attract new tenants.
There is no tidy commercial real estate category for the Falls Center. The identity of the 12-acre campus on Henry Avenue in Philadelphi's East Falls section continues to... read more
Momentum continues at Falls Center
The Review
Philadelphia (October 2009)
Iron Stone Real Estate Companies ("Iron Stone") announced that the Dr. Gertrude A. Barber National Institute ("Barber") has signed a new lease at Falls Center, located at 3300 Henry Avenue in East Falls. Barber is... read more
Old Medical College of Pennsylvania campus shoring up
Philadelphia Business Journal
Philadelphia (October 2009)
Three years after Iron Stone Real Estate Group bought the former Medical College of Pennsylvania campus at 3300 Henry Ave. in Philadelphia’s East Falls, the property is cash-flow positive, refinanced and on its way to being fully leased up.
The latest tenant to take space at what has been rebranded as the Falls Center is the Dr. Gertrude A. Barber National Institute. That organization signed onto 20,000 square feet. With that deal in hand, 210,000 square feet of a total of 350,000 square feet of office space has been leased up... read more
Philadelphia Investment Manager Switches Fund's Focus to Debt
Commercial Real Estate Direct
Philadelphia (July 2009)
Iron Stone Real Estate Co. has switched its investment focus to distressed debt from equity
transactions and is leveraging its local market expertise to find opportunities.
"Lenders are not about to air their dirty laundry, so a lot of what you can learn about debt
available for sale is through word of mouth and knowing your market," said Jason Friedland,
partner and director of investments at the Philadelphia firm. "Sometimes you have to... read more
New market for special end-of-life care that is inpatient
Philadelphia (July 12, 2009)
The Visiting Nurse Association's inpatient hospice facility set to open at the former MCP Hospital. Among three new facilities in the area, it is for patients with agitation, seizures, or other symptoms that can't be managed at home... read more
Iron Stone tapping distressed loan fund
Philadelphia (June 22, 2009)
Iron Stone Real Estate Cos. has made another buy with a $50 million fund to buy bad bank notes collateralized by commercial real estate.
It picked up a loan associated with the Manor on Ogontz Avenue in Philadelphia and the deal led Iron Stone to negotiating a deed in lieu of foreclosure late last week, giving it full control... read more
Iron Stone Real Estate Aquires Philadelphia Multifamily Apartment Building
Philadelphia (June 15, 2009)
Iron Stone Real Estate Fund II (“Iron Stone”) today announced that its multi-family housing division has acquired a $12 million distressed commercial mortgage collateralized by one apartment rental building by LaSalle University’s campus... read more
Iron Stone Real Estate leases 60,000 s/f for charter school
Philadelphia (June, 2009)
Iron Stone Real Estate Companies announced that Eastern University has signed a lease at Falls Center with its affi liate, 3300 Henry LP. Effective July 1, 2009, Eastern University – based in the Philadelphia suburb of St. Davids – is moving several programs, including its new Academy Charter School, into 60,000 s/f at the Falls Center at 3300 Henry Ave. (formerly the home of the... read more
Iron Stone Real Estate announces lease at Falls Center with Eastern University for new charter school and programs
Philadelphia (may 7, 2009)
Iron Stone Real Estate Companies today announced that Eastern University has signed a lease at Falls Center with its affiliate, 3300 Henry LP. Effective July 1, 2009, Eastern University – based in the Philadelphia suburb of St. Davids – is moving several programs, including its new Academy Charter School, into 60,000 square feet... read more
$50M fund will buy back bad real estate bank notes
Philadelphia Business Journal
Iron Stone Real Estate Cos. established a $50 million fund and a new division to buy bad bank notes backed by commercial real estate properties.
It's a way for the company's newly formed debt acquisition division to buy real estate in the region at a huge discount, build up Iron Stone's portfolio and allow it to reposition the properties for eventual sale within three to five years. For a bank, it's a way to unload bad bets in a cash transaction and get rid assets it has no interest in owning.
Activity in these types of commercial real estate transaction... read more