New York Community Bank Provides $155M Construction Loan For Development Site In Philadelphia

A development site located at 60 N. 23rd Street in Philadelphia has secured a construction loan. The loan, provided by New York Community Bank (NYCB), amounts to $155,000,000. It is a 10-year term loan with an interest rate below 3 percent. There is an 18-month interest-only period for the loan. The loan will be used for the development of the property.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $155,000,000
• Lender: New York Community Bank (NYCB)
• Landlord: PMC Property Group
• Broker: David Fisher - Meridian Capital Group

David Fisher from Meridian Capital Group represented the buyer in the loan transaction. The property is owned by PMC Property Group, and they will be responsible for the development of the site. The loan, with favorable terms, will provide the necessary funding for the construction project.