SMBC Closes Financing to Support Redevelopment of Philadelphia’s 30th Street Station

SMBC closed $246 million in term loans for the lease and redevelopment of Philadelphia’s iconic William H. Gray III 30th Street Train Station. More specifically, SMBC was the sole coordinating lead arranger, hedge coordinator and administrative agent on $246 million of senior secured credit facilities for Plenary Infrastructure Philadelphia, which will use proceeds from the transaction to partially finance its redevelopment of the train station, including both the retail space and Amtrak offices.

“It is our pleasure to be a part of this project. We look forward to working with Plenary and the development team to modernize and complete the renovation of this historic infrastructure, which provides a key regional and intercity gateway to Philadelphia,” Adam Sherman, managing director of global structured finance and head of infrastructure and municipal finance in North America at SMBC, said.

“SMBC originally provided a commitment to underwrite the project’s bank debt in March 2020 before the full impact of COVID-19 was known. Throughout a nearly 18-month commitment period, SMBC remained bullish on the long-term viability and essentiality of the station redevelopment, eventually increasing its commitment to the project,” Michael Tranter, executive director of SMBC Global Structured Finance, said.

Along with an international and local consortium of partners, including Gilbane Building Company, Johnson Controls and Vantage Airport Group, Plenary Infrastructure Philadelphia will design, build, finance, operate and maintain the station under a 50-year ground lease and development agreement.

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