Bala Cynwyd, PA (PressExposure) March 30, 2009 -- Keystone Property Group, a leading developer of office and industrial assets, as well as manager of private equity real estate funds, announced the closing of a $24,570,000 loan with TD Banknorth on Devon Square, a two-building, 142,000 SF office complex located in the Devon, PA. This is the first transaction between Keystone and TD Banknorth.
Keystoneâs Patrick Brala, Chief Financial Officer, and David Garonzik, Asset Manager, were responsible for closing this transaction. Bruce Robertson of US Realty Capital represented the Borrower and Betsy Barr, Senior Vice President with TD Banknorth, was the officer responsible for originating the loan
âDuring a time when most major lending institutions have reined in their horns, TD Banknorth showed their strength in being able to thoroughly underwrite and recognize the value of this terrific Main Line asset,â said Patrick Brala, Chief Financial Officer. He continued, âThe professionalism and perseverance TD Banknoth displayed during such challenging times is exemplary and we look forward to growing our relationship with them.â
Betsy Barr from TD Banknorth noted, âKeystone Property Group is the type of operator you want to do business with over the long term. When underwriting our relationships and lending opportunities, we recognize the value that a quality sponsor like Keystone adds to the equation.â
One and Two Devon Square is owned by Keystone Property Fund I, LP and is a Class A, two building office complex located on Lancaster Avenue in the heart of the Philadelphia Main Line. Since acquisition, Keystone has strategically transformed the property into one of the best assets in the market through the improvement of the facade, windows, lobbies and systems, as well as significantly increasing occupancy with quality tenants. The property has excellent visibility and access and is the preferred location for businesses interested in leveraging the affluent, surrounding populous.