Parkview Financial announced it has provided a $19.8 million construction loan to M&B Development for the ground up development of a a 108-unit mixed-use project located at 2000 E Hagert in the Fishtown neighborhood of Philadelphia, Pennsylvania.
The property was acquired by M&B Development in April 2022 and the firm has since secured the entitlements and building permits and has cleared the site.
All units will feature washer/dryers and upgraded finishes. The property will include four studios, 82 one-bedroom units, and 22 two-bedroom units. The average unit size will be 707 square feet (sf) while the 13 live/work lofts will average 571 sf. The property will offer residents amenities including a rooftop terrace, pet park, courtyard, bike storage, and underground parking.
“Parkview sees 2000 E Hagert as a much-needed project in an area experiencing a high demand for rental product,” said Paul Rahimian, CEO and Founder of Parkview Financial. “While new construction loans have been a challenge to secure for many developers over the past year, we are pleased to provide private financing that enables the borrower to commence work immediately. Once completed, this new project will be a significant addition to the local neighborhood.”
Located approximately 1.8 miles north of downtown Philadelphia, the Fishtown neighborhood has seen significant redevelopment in recent years as growth in downtown has pushed many residents to the area due to lower rent and a vibrant nightlife. The property is located just two blocks from the nearest subway stop, providing easy access to downtown Philadelphia.
