Saxum Real Estate Secures $55.7M Construction Loan For Philadelphia Development Site

700 North Delaware Avenue & 30 North Delaware Avenue

$55,700,000

Building Size

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Asset Type

Development Site

Closing

Nov 27, 2023

AI

Saxum Real Estate closed a $55.7 million construction loan for the second phase of its 466-unit development in Philadelphia's Northern Liberties. The funding, provided by Corebridge Financial, will support the construction of 187 luxury apartments near the Delaware River waterfront.

Summary of transaction details

Property Type: Development Site
Transaction Amount: $55,700,000
Lender: Corebridge Financial - Kevin Hogan
Landlord: Saxum Real Estate - Sridhar Vankayala
Brokers: Michael Klein, Ryan Ade & Thomas Didio - JLL
Loan Type: Construction Loan
Date: 11/27/2023
Address: 700-30 North Delaware Avenue
Market: Philadelphia

The loan was facilitated by Corebridge Financial, with Kevin Hogan representing the lending institution. Saxum Real Estate, led by Sridhar Vankayala as the landlord, secured the funding to continue the construction of their luxury apartment project near the Delaware River waterfront. The deal was brokered by Michael Klein, Ryan Ade, and Thomas Didio from JLL.

Players