Waterfall Asset Management Provides $127 Million Refinancing for Chesterbrook Office Campus
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
Waterfall Asset Management is an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, and real assets. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE:RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London and Dublin. To learn more, please visit www.waterfallam.com.
About Chesterbrook
The Chesterbrook campus is one of the largest office parks in the region and a premier destination for office tenants in Philadelphia. The centerpiece of the highly amenitized campus is The Circuit, a two-story, 41,331-square-foot amenity center that provides tenants with a place to work, collaborate or socialize with colleagues. The Circuit also includes Flex at Chesterbrook, a 20,000-square-foot co-working space located on the second floor of the facility.
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
Rubenstein Partners is a Registered Investment Advisor and Fund Manager for a series of private equity funds focused on equity and debt office investments throughout the United States. The firm is vertically integrated and provides first-class investment services on behalf of its investor base, which consists of some of the nation's preeminent public and private pension funds, university endowments and family offices. For more information, visit www.rubensteinpartners.com.
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SOURCE Waterfall Asset Management