JLL Capital Markets announced that it has arranged $55.7 million in construction financing for a 187-unit, luxury multi-housing development located at 700 North Delaware Avenue in the Northern Liberties neighborhood of Philadelphia, Pennsylvania. The project is the second phase of a two-phased development totaling 466-units. The first phase, announced in March, is currently under construction.
The second phase is located at 700 North Delaware Avenue in the Northern Liberties neighborhood. Both phases together span two full city blocks with the first phase located at 711-735 N. Front Street. The development is bordered by Front Street, Delaware Avenue, Fairmount Avenue and Brown Street, and residents will also be within walking distance to the area’s restaurants, artistic venues and live performance venues.
Future residents will also be just a two-minute walk to the Spring Garden subway station of the Market-Frankford Line, allowing access to Center City Philadelphia in less than 10 minutes. In addition, the site sits East of I-95 North with proximity to the North on-ramp just 0.5 miles from the site, and the entrance to the Ben Franklin Bridge, which provides connectivity to New Jersey, is just 1.2 miles from the property.
JLL worked on behalf of the borrower, Saxum Real Estate, to secure the three-year, floating-rate loan through a U.S. based life insurance company. The JLL Capital Markets Debt Advisory team was led by Michael Klein, Ryan Ade, Thomas E. Didio, Jr. and Ryan Carroll.
“Phase II’s vertical capitalization enables Saxum to commence construction on this exciting project’s second phase as construction on Phase I progresses expeditiously. With considerable progress made on Phase I, the existing lender extended their non-recourse commitment to Saxum on Phase II,” stated Didio, Jr.
