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.
www.omegare.com
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