FINANCEDMultiFamily
S3 Capital Provides $24 Million Construction Loan For 109-Unit Multifamily Development In Philadelphia
$24,000,000
$217/SF
Building Size
110,545 SF
Asset Type
MultiFamily
Closing
Jul 9, 2026
AI
The transaction involves a multifamily asset located in Philadelphia, PA, encompassing a total square footage of 110,545 and comprising 109 rental units. The loan amount secured for this construction project is $24,000,000, aimed at facilitating the ground-up development of the rental building.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $24,000,000
- Loan Type: Construction
- Lender: Steven Jemal - S3 Capital
- Brokers: Noah Rothman & Aj Felberbaum - BayBridge Real Estate Capital
- Date: 07/09/2026
Steven Jemal from S3 Capital, a capital provider specializing in financing multifamily transactions, is the lender for this development project. The brokers representing the deal are Noah Rothman and Aj Felberbaum from BayBridge Real Estate Capital, who facilitate the transaction in the Philadelphia market.
Players
Market 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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93