First Commerce Bank Provides $13 Million Loan For Berkshire Building Redevelopment In Reading PA

The Berkshire Building is a mixed-use property located at 501 Washington Street in Reading, PA. The asset features 79 upscale residential units and 13,000 square feet of commercial space. The building spans over 105,000 square feet and was initially constructed in 1904, operating as an office building from 2007 to 2022 before undergoing a comprehensive redevelopment. The project showcases high-end amenities, including a gym, co-working areas, storage, and meeting rooms, representing a successful example of adaptive reuse in the downtown area.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $13,000,000
• Lender: First Commerce Bank
• Loan Type: Construction Takeout
• Brokers: Paul Gilbert & Meir Bienenfeld - Meridian Capital Group
• Units: 79
• Commercial Space: 13,000 SF
• Market: Reading, PA
• Date: 6/30/2025

The loan was structured to close and refinance the construction loan following the issuance of the Certificate of Occupancy, with additional proceeds and rate reduction contingent upon property stabilization. Paul Gilbert can be contacted at 732-580-6148 or [email protected] for further information.