Amerimar Enterprises Acquires Telecom Carrier Hotel In Philadelphia
The property, at 401 North Broad Street, is a major hub for data and Internet traffic and provides data center infrastructure for carriers, service providers, and enterprise customers.
Amerimar Enterprises and Abrams Capital announce the acquisition of 401 North Broad Street, a 1.3 million sq ft fiber-rich building located in Philadelphia. Amerimar Enterprises and Abrams Capital are partnering with telecom industry veteran Hunter Newby to own and operate the Property. Debt financing was provided by Starwood Property Trust (NYSE: STWD). Ropes & Gray LLP, with a team led by partner Walter R. McCabe III, represented Amerimar and Abrams Capital on the acquisition.
“Over the past 30 years, 401 North Broad was strategically repositioned to become the preeminent telecom carrier hotel in the Philadelphia region under the stewardship of The Stillman Group. Amerimar looks forward to continuing with the repositioning of the property through our $70 million capital improvement program," states Jerry Marshall, chief executive officer of Amerimar. "401 North Broad, with over 80 networks, is a logical addition to our portfolio of carrier hotels; and we are very excited to partner with Hunter Newby on yet another telecom property.”