PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024.
The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking the Delaware River, cafés, co-working spaces, a fitness center and a dog wash station. Phase two is expected to deliver in August 2025.
JLL worked on behalf of the borrower, Saxum Real Estate, to secure the three-year, floating-rate loan through a life insurance company. Michael Klein, Ryan Ade, Thomas Didio and Ryan Carroll led the JLL Capital Markets Debt Advisory team.