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

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.