Valley Bank Provides $46.5M Loan For Philadelphia Development Site, Saxeum Real Estate As Landlord

A development site located at 1929-45 East York & 1924-44 East Hagert St. in Philadelphia has recently undergone a closed transaction. The property, consisting of 297 units, was the subject of a loan provided by Valley Bank. The loan amount totaled $46,500,000, and the terms of the loan spanned three years. Saxum Real Estate served as the landlord for this development site.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $46,500,000
• Units: 297
• Lender: Valley Bank - Ira Robbins
• Landlord: Saxum Real Estate - Anthony Rinaldi

JLL represented the parties involved in this transaction, with Thomas E. Didio Jr., Michael Klein, and Ryan Ade serving as the brokers. The success of the deal was facilitated through their expertise and negotiation skills.