Carlyle Gets $13M Refi on Retail Asset

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PHILADELPHIA-Carlyle Development Group has obtained a loan of nearly $13.5 million to refinance an 82,500-sf retail property at 1330 Chestnut St. It acquired the vacant property in 1998 and has since invested in extensive renovations, renamed the asset Juniper Court, and leased approximately 60,000 sf to West Elm, which is Pottery Barn’s modern-furniture brand, and Lucky Strike, an upscale bowling alley/lounge.

The refinancing is from Stamford, CT-based GE Real Estate. David Cohen, northeast regional director, and Carolyn Ferraro, senior associate director in the New York City office of GE’s North America lending division, handled the transaction, which was facilitated by Geoff Rice, director of the New York City office of CBRE