Eight Tower Bridge Lands $52.5M for Refinance and Recapitalization

Capmark originated $52.5 million for a partnership equity recapitalization and refinance of an existing Capmark Finance loan for Eight Tower Bridge according to a CPN article. The property, a 45,000-square-foot, 16-story Class A office tower with a 1,200-car parking garage in Conshohocken, Pennsylvania, is owned by Eight Tower Bridge Development Associates, a group comprised of Oliver Tyrone Pulver Corp., AREA Property Partners' VEF II LLC and Brandywine Realty Trust.

Senior Vice President Jeff Heath of Capmark's Horsham office originated the new loan from Capmark Bank. Capmark Finance provided the original $72 million loan in February 2007 for the property's existing ownership group. Equity investment bankers Scott Crimmins and Paul Taylor of Capmark Securities' New York City office brokered a $21,450,000 investment of new equity into the partnership through a private source.

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