Bank OZK and Fisher Brothers affiliate, Lionheart Strategic Management LLC have closed $120 million in financing to fund the ground-up construction of a mixed-use project in Philadelphia.
For the loan, Bank OZK provided $107.5 million as the senior secured lender, and Lionheart provided $12.5 in mezzanine financing.
The $179 million mixed-use project, located at 510 N. Broad St., will feature 410 multifamily units and retail space, which has been partially pre-leased to a national, investment-grade grocery chain.
The partnership’s local sponsor, Alterra Property Group previously developed Philadelphia multifamily properties at 4233 Chestnut St. and the LVL 4125 at 4125 Chestnut St. Alterra Property Group will employ similar, modular construction techniques at 510 N. Broad St.
Lionheart’s next credit vehicle will deploy the financing. The company is currently finalizing its capital raise.
“As a long-term investor, Lionheart is bullish on the broader US economy and is particularly focused on well-located, urban assets that are being developed by strong sponsors in dynamic markets with multiple foundational economic demand drivers. This transaction highlights our continued desire to pursue deals in the current environment,” said Winston Fisher, chairman of Lionheart. “It has been a pleasure to work alongside Bank OZK on another transaction and we look forward to building a strong partnership with local sponsor, Alterra Property Group.”
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