Rubenstein Partners, L.P. has obtained a $127 million refinancing for Chesterbrook, a 1.1 million-square-foot, 14-building office campus located in the King of Prussia submarket within the greater Philadelphia region. The refinancing recapitalizes the large suburban office property and is intended to advance Rubenstein’s long-term business strategy for the campus.
The new loan was provided by funds managed by Waterfall Asset Management’s commercial real estate lending platform. In addition to the debt financing, the capital stack includes a significant equity investment from Rubenstein and other third parties. Together, the new loan and fresh equity capital are structured to support both ongoing business objectives and future enhancements at the property.
The financing package consists of upfront proceeds as well as additional funding earmarked for future leasing activity and capital improvements at Chesterbrook. This structure is designed to provide flexibility for the property’s next phase of execution, including lease-up initiatives and physical upgrades tailored to tenant needs over time.
Rubenstein has been actively investing in Chesterbrook since acquiring the office portfolio in 2019. Since that acquisition, the firm has committed more than $50 million in capital to modernize and improve the campus. Those investments have focused on repositioning the property and refreshing the office environment to better align with current workplace and tenant expectations.
The refinancing was arranged by a CBRE Capital Markets team that worked on behalf of Rubenstein. The team consisted of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz and Justin Helbling, who collaborated with CBRE’s National Office Partners – Philadelphia team of Doug Rodio, Jerry Kranzel and Bruer Kershner. Collectively, these professionals sourced and secured the new financing for the Chesterbrook campus.
Chesterbrook remains a sizable office asset within the King of Prussia submarket, with its 14 buildings and 1.1 million square feet of space representing a meaningful concentration of office product in the greater Philadelphia area. The combination of substantial prior capital investment, a new loan facility, and additional equity positions the campus for its next stage under Rubenstein’s ownership and business plan.
