Summit-based Saxum Real Estate on Tuesday said it closed a $77.5 million construction loan on the first phase of a two-phased, multifamily development just 30 miles outside of New Jersey in the Northern Liberties neighborhood of Philadelphia.
The financing was provided by a U.S. life insurance company. Sridhar Vankayala, director of capital markets, led the transaction for Saxum with the JLL Capital Markets team of Michael Klein, Tom Didio and Ryan Ade, who secured the financing.
“We are excited to break ground on this premier investment within the vibrant and energetic submarket of Northern Liberties,” Vankayala said. “Our lender shares our vision and enthusiasm for the project, and we look forward to their partnership.”
Phase 1 development will feature 279 luxury units along with a parking garage and an 8,450-square-foot retail component. Phase 2 will consist of an additional 187 units.
The site is just a four-minute walk to the Spring Garden subway station of the Market-Frankford Line, with easy access to Center City Philadelphia. The neighborhood provides an amenity base of entertainment venues, bars and boutiques that are among the most popular in Philadelphia.
The development sits parallel with Interstate 95 and near the Ben Franklin Bridge, providing accessibility within Philadelphia and beyond.