In the News

Please see below for recent news and announcements from Castle Rock Equity Group. Contact news@castlerockequitygroup.com with any media or press inquiries

Recent Articles

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Berkadia Closes Over $80 Million for Historic, Multifamily Property in Philadelphia

Berkadia recently financed an $80.4 million loan for ICON 1616, a historic, luxury, multifamily property located at 1616 Walnut Street in Philadelphia. Managing Director Yuri Kletsman of the New York City office secured the 10-year, fixed-rate loan through Berkadia’s Fannie Mae DUS Program.

The borrower, Castle Rock Equity Group, will use the loan towards the $112 million acquisition of the property. Loan terms include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and Historic Tax Credits.

Built in 1929, ICON 1616’s architecture features many Art Deco elements of the Great Depression era. The 25-story property consists of 206 units and offers residents studio, one-, two- and three-bedroom floor plan options. Community amenities include a sky deck with 360-degree views, a grilling station, herb garden and outdoor living area; a wellness floor featuring a yoga studio; a club level with a kitchen, billiard tables, flat-screen TVs and large screen media room; and a business center with computers, printers and conference rooms.

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ICON 1616 Takes the Cake for Most Amenities Packed Building

There’s a rooftop hot tub over at 777 South Broad. Park Towne Place Apartments boasts ‘car detailing services,’ and up in Brewerytown, The Fairmount at Brewerytown promises a dog-walking area, as well as a pool, up on the rooftop. Philly is host to a bevy of gorgeous apartment buildings, each one vying for your attention, most offering luxury amenities that thankfully extend far beyond a ’24/hour concierge.’

But right now in the City of Philadelphia, the arguably single-most amenities-packed building has to be ICON 1616, which is also one of Philadelphia’s finest examples of Art Deco design in the city. The building offers its residents a handsome assortment of luxurious amenities such as pet grooming, and vitamin C-infused showers. There are charging stations for electric cars, a private dining room with a fireplace, an herb harden, a sky deck, and cold storage for grocery delivery. A personal trainer is also available for each resident.

Castle Rock Press Releases

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Castle Rock Equity Acquires Demonbreun Hill Retail Center

Castle Rock has purchased the Townline Square retail center in Meriden, CT. The center sits on a 29-acre site conveniently situated halfway between West Hartford and New Haven at the convergence of I-91, I-691, Route 15, and Route 5, four of Connecticut’s major roadways

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Castle Rock Equity Acquires Townline Square Retail Center

Castle Rock has purchased the Townline Square retail center in Meriden, CT. The center sits on a 29-acre site conveniently situated halfway between West Hartford and New Haven at the convergence of I-91, I-691, Route 15, and Route 5, four of Connecticut’s major roadways

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Castle Rock Equity Acquires Philadelphia’s Historic ICON Building

NEW YORK Castle Rock Equity today announced it has purchased the ICON building at 1616 Walnut Street in Philadelphia’s City Center neighborhood for $112 million. The 25-story art deco tower, part of the National Register of Historic Places, was constructed in 1929 as an office building and is characterized by aluminum details, intricate woodwork, an ornate lobby and magnificent entry. Its previous owner completed a more than $60 million transformation in 2014, converting the 206-unit building to residential use.