Scannapieco Development Corporation Secures $32 Million Refinance Loan For 110-Unit Multifamily Asset In Philadelphia

The property asset involved in the transaction is a multifamily apartment building located at 1775 North American Street in Philadelphia, PA. The asset consists of 110 units and was built in 2024. It features ground-floor retail and amenities that include an 8,000-square-foot pool deck, a clubhouse, and a two-level fitness center. The transaction included a refinance loan in the amount of $32,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $32,000,000
• Address: 1775 North American Street
• Market: Philadelphia, PA
• Asset Units: 110
• Lender: Jonathan Pomper - Dwight Capital, Jack Tawil - Dwight Capital
• Landlord: Scannapieco Development Corporation
• Loan Type: Refinance

This transaction was facilitated by Scannapieco Development Corporation, which secured the HUD-backed debt to refinance the property. The loan proceeds are utilized to fund reserves and provide access to equity that has accumulated since the property's construction.