Riverwards Group Secures $37 Million Construction Loan For 155-Unit Development In Philadelphia

The asset involved in the transaction is a development site located at 2507 Almond Street in Philadelphia, PA. The property encompasses an area of 104,469 square feet and is intended for a 155-unit multifamily development. The construction loan secured for this project amounts to $37 million, which includes a senior loan and C-PACE financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $37,000,000
• Address: 2507 Almond Street
• Market: Philadelphia, PA
• Lender: Silver Heights Capital & Nuveen Green Capital
• Landlord: Mo Rushdy & Larry McKnight - Riverwards Group
• Broker Representatives: Jack Cortese & David Frankel - D2 Capital Advisors
• Expected Completion: 2028
• Units: 155 with studios, one- and two-bedroom layouts
• Support: Tax abatement and targeted investment in a growing residential corridor

The financing package was arranged by D2 Capital Advisors, which facilitated a $20 million senior loan from Silver Heights Capital and an additional $17.3 million C-PACE financing from Nuveen Green Capital for the Riverwards Group's development effort.