PHILADELPHIA — JLL Capital Markets has arranged a $77.5 million construction loan on behalf of Saxum Real Estate for the first phase of an unnamed multifamily development in Philadelphia. The Summit, New Jersey-based firm will build 279 units in this first phase, followed by an additional 187 units in Phase II. The seven-story project is located in the Northern Liberties area of Philadelphia. The development also will include 15,000 square feet of retail.
JLL worked on behalf of Saxum Real Estate to secure the three-year, floating-rate loan through a U.S. life insurance company. The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Ryan Ade, Senior Director Thomas Didio Jr., Director Gerard Quinn and Associate Blaine Fleming.
Phase I will produce 42 studios, 187 one bedrooms, 45 two bedrooms and five three-bedroom units. After completion of both phases, amenities will include cafés, co-working spaces, a fitness center, dog wash station, rooftop lounges, a demonstration kitchen and clubrooms with televisions and pool tables. Timelines were not disclosed.