Centre Square Owners Ask for Second Extension on Loan

Joint Venture in Philadelphia

The owners of one of Philadelphia’s most recognizable office complexes are looking for a second extension on a loan that has already been refinanced. 

A joint venture between New York’s Nightingale Properties and investment firm Wafra Capital Partners, which owns Centre Square at 1500 Market St., has asked to extend the maturity of a $368 million loan originated by JPMorgan Chase & Co., according to a commercial-mortgage-backed securities, or CMBS, report. Nightingale and Wafra bought the 1.8 million-square-foot, two-building Centre Square in 2017 for $328 million, or $187.47 a square foot. 

The loan was serviced by Midland Loan Services and then KeyBank National Association was later brought on as a special servicer. 

*Article courtesy of Philadelphia Business Journal

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