Saturday, March 19, 2016

Local Developer Secures Construction Financing for Future Multifamily Development

Radnor Property Group secured $53.43 million in preferred equity and construction financing for its new luxury high-rise apartment community in the University City neighborhood of Philadelphia.

With financing in place, the developer has broken ground on its 16-story multifamily property that will be located at 3201 Race Street.

The loans  will consist of $18 million in preferred equity and a $35 million construction loan.

Construction is set to be completed in 2017 and will feature a combination of 164 one- and two-bedroom residential units along with nearly 14,000 square feet of commercial space. The featured property will reside on .68 acres and have access to I-76.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.