Chatham Bay Group Secures $37.5 Million Construction Loan From 3650 Capital For Viking Mill Apartments

The property asset involved in this transaction is a development site located at 2019-2055 East Boston Street in Philadelphia. This site will be utilized for the construction of Viking Mill Apartments, a multifamily complex that will consist of 177 luxury units along with 7,750 square feet of retail space. The anticipated completion is set for two phases by 2026.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $37,500,000
• Lender: Jonathan Roth - 3650 Capital
• Landlord: Patrick Duffy - Chatham Bay Group
• Brokers: Christopher Garzone, Ken Wellar & George Johnson - Global Real Estate Advisors (GREA)
• Loan Type: Construction

This transaction highlights the collaboration between Chatham Bay Group and 3650 Capital, with financing arrangements handled by Global Real Estate Advisors. The project combines a renovated 19th-century mill with a new construction building, providing modern amenities such as a rooftop pool and fitness center within the planned development.