Englewood Cliffs-based Procida Funding and partner Red Rocks Group celebrated the groundbreaking of a mixed-use development in West Philadelphia, it announced this week.
The 148,000-square-foot building at 4254 Chestnut St. will be developed by Red Rocks, with the backing of $9.3 million in preferred equity financing from Procida. Fulton Bank has provided a $26.5 million senior construction loan for the project, while DAS Architects will design the building and Franjo Construction will be the builder.
When completed, the building’s first two floors will be occupied by behavioral health and prevention nonprofit Intercultural Family Services Inc., with the remaining floors comprising 128 residential apartments, including studios and one- and two-bedroom layouts, as well as amenities.
“At Procida Funding, we are all about investing in communities,” Billy Procida, CEO, said in a prepared statement. “That’s what makes this project so special. DAS and Red Rocks are the best in the business — they knew this wasn’t just about building new apartments. It’s about building something that gives back to the community through Intercultural, providing vital services for decades to come.”
Ethan Fellheimer, managing director of Philadelphia-based Red Rocks, said: “Being able to transform what is essentially a vacant lot into a development that not only provides housing to the West Philadelphia area, but also social services to those in need is a tremendous asset to our community. We are proud to work together with all our partners in making this a reality.”
