Waterfall Asset Management Provides $127 Million Refinancing for Chesterbrook Office Campus
Waterfall Asset Management Provides $127 Million Refinancing for Chesterbrook Office Campus |
| [17-March-2026] |
NEW YORK, March 17, 2026 /PRNewswire/ -- Waterfall Asset Management ("Waterfall"), an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, and real assets, announced that its commercial real estate lending platform has closed, on behalf of its funds, a $127 million refinancing of Chesterbrook Campus. The property is a 1.1 million-square-foot, 14-building Class A office campus located in the King of Prussia/Wayne submarket within the greater Philadelphia region. Waterfall worked with Rubenstein Partners ("Rubenstein"), a vertically integrated real estate investment adviser focused on value-added office property investments, to provide a flexible financing structure designed to support its business plan for the campus. The loan includes initial proceeds as well as future funding to support leasing activity and capital improvements at the property. The opportunity was sourced by Ready Capital, a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. "Chesterbrook is emblematic of our broader CRE credit strategy," said Zach Liebmann, Head of Commercial Real Estate at Waterfall Asset Management. "The investment is secured by an excellent asset that is owned and operated by an industry-leading borrower." "We are excited to support a first-class operator in their core competency and market," said Ezra Zucker, Associate on Waterfall's Commercial Real Estate Lending team. "Rubenstein has demonstrated a strong track record executing value-enhancing strategies in the office sector, and we believe Chesterbrook represents a compelling opportunity given the quality of the asset and its positioning within the suburban Philadelphia market." Originally acquired by Rubenstein in 2019, Chesterbrook Campus is one of the largest office parks in the region. Rubenstein has invested more than $50 million in capital improvements, including the development of "The Circuit", a centrally located amenity hub featuring a food hall, meeting and collaboration spaces, outdoor gathering areas, a fitness center, as well as a coworking suite. Rubenstein's business plan includes continued leasing initiatives and targeted capital improvements designed to enhance the campus's position as a premier workplace destination in the suburban Philadelphia market. CBRE was the broker for the transaction. About Waterfall Asset Management About Chesterbrook Rubenstein acquired the Chesterbrook property in 2019 and embarked on a full reimagining of the complex through a multimillion-dollar capital improvement plan that improved the campus and upgraded the interior and exterior of the buildings. Campus connectivity at Chesterbrook was also improved by adding new pathways linking to the nearby network of trails at Wilson Farm Park in addition to upgrades such as touchless technology and HVAC improvements. The bucolic campus is nestled into the hills around Valley Forge and sits on the edge of Chester County in Treddyfrin-Easttown Township, a region with superior tax benefits when compared to office buildings in other nearby submarkets. Local SEPTA and Amtrak rail lines are nearby, and Amtrak provides direct train access from New York City and Washington, D.C. It is the only local major office campus with a dedicated exit on Route 202, providing direct access to major highways including I-76, the PA Turnpike, and Route 422. Additionally, the campus is serviced by an on-site shuttle connecting to SEPTA's Paoli Station, just five minutes away. Tenants are only five miles from the popular King of Prussia Mall and 25 miles from Philadelphia International Airport. The Chesterbrook properties include 1300 Morris Dr., 1325 Morris Dr., 1400 Morris Dr., 851 Duportail Rd., 955 Chesterbrook Blvd., 965 Chesterbrook Blvd., 725 Chesterbrook Blvd., 735 Chesterbrook Blvd., 600 Lee Rd., 601 Lee Rd., 620 Lee Rd., 640 Lee Rd., 690 Lee Rd., and 701 Lee Rd. About Rubenstein Partners Media Contact
SOURCE Waterfall Asset Management | ||
Company Codes: NYSE:RC |
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