Updated Oct 16, 2026
Riverwards Group Secures $35.8M Construction Loan For 170-Unit Development In Philadelphia
2202 East Somerset Street
$35,800,000
$245/SF
Building Size
146,000 SF
Asset Type
MultiFamily
Closing
Oct 1, 2026
About this deal
AI
2202 East Somerset Street is a multi-family asset located in the Philadelphia, PA market, featuring 170 units and encompassing a total square footage of 146,000. The property is situated in the Port Richmond neighborhood.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $35,800,000
- Lender: Nuveen Green Capital
- Borrower: Riverwards Group
- Landlord's Representative: Jack Cortese & David Frankel - D2 Capital Advisors
- Loan Type: Construction
- Financing Structure: $19.9M non-recourse senior construction loan and $15.9M in C-PACE financing
The financing for the development was arranged by Jack Cortese and David Frankel of D2 Capital Advisors, who played a crucial role in securing the funds necessary for the project.
On the Map
$35,800,000
$245/SF
MultiFamily
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Players
Philadelphia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93