$55.7M financing secured for Philadelphia multi-housing development
JLL Capital Markets arranged the construction financing for a 187-unit Phase II development located at 700 North Delaware Ave. in the Northern Liberties neighborhood of Philadelphia, Pennsylvania
MORRISTOWN, Dec. 21, 2023 – JLL Capital Markets announced today that it has arranged $55.7 million in construction financing for a 187-unit, luxury multi-housing development located in the Northern Liberties neighborhood of Philadelphia, Pennsylvania. The project is the second phase of a two-phased development totaling 466-units. The first phase, announced in March, is currently under construction.
JLL worked on behalf of the borrower, Saxum Real Estate, to secure the three-year, floating-rate loan through a U.S. based life insurance company.
Phase I is expected to be delivered for occupancy in September 2024, and Phase II is anticipated for August 2025.
The seven-story Phase II development will consist of studio, one-, two- and three-bedroom units and 7,803 square feet of ground floor retail. The spacious units will feature private balconies, large windows, stainless steel appliances, quartz countertops and luxury vinyl tile flooring. The property’s 45,000-square-foot indoor/outdoor amenity package will include an outdoor pool, an expansive courtyard deck overlooking the Delaware River, cafés, co-working spaces, a state-of-the-art fitness/wellness center and a dog wash station.
The second phase is located at 700 North Delaware Ave. in the Northern Liberties neighborhood. Both phases together span two full city blocks with the first phase located at 711-735 N. Front Street. The development is bordered by Front Street, Delaware Avenue, Fairmount Avenue and Brown Street, and residents will also be within walking distance to the area’s restaurants, artistic venues and live performance venues. Future residents will also be just a two-minute walk to the Spring Garden subway station of the Market-Frankford Line, allowing access to Center City Philadelphia in less than 10 minutes. In addition, the site sits East of I-95 North with proximity to the North on-ramp just 0.5 miles from the site, and the entrance to the Ben Franklin Bridge, which provides connectivity to New Jersey, is just 1.2 miles from the property.
The JLL Capital Markets Debt Advisory team was led by Michael Klein, Ryan Ade, Thomas E. Didio, Jr. and Ryan Carroll.
“Phase II’s vertical capitalization enables Saxum to commence construction on this exciting project’s second phase as construction on Phase I progresses expeditiously. With considerable progress made on Phase I, the existing lender extended their non-recourse commitment to Saxum on Phase II,” stated Didio, Jr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Saxum Real Estate Partners
Saxum Real Estate is a national vertically-integrated real estate investment and development firm. Saxum’s portfolio extends a variety of asset classes with capitalizations surpassing $2 billion and includes over 2.5MM SF of ground-up cold storage development, 1,400 multifamily rental units, 4,000 student housing beds, and over 1MM of other assets. Our development pipeline totals well over $1 billion in capitalization across multifamily, student housing, cold storage and industrial investments ranging from value-add to ground-up development. www.saxumre.com