Riverwards Secures 36 Million Dollars for Philadelphia Apartment Project
Riverwards Group has secured 36 million dollars in construction financing for the second phase of its Somerset Station development in Philadelphia.
FTMQ Real Estate, written by our newsroom0 views
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Bisnow reported that Philadelphia developer Riverwards Group has secured 36 million dollars in construction financing for the second phase of its Somerset Station project in Port Richmond. The funding will support the construction of 170 new apartment units. [1]
The financing package consists of a senior construction loan of roughly 20 million dollars provided by Silver Heights Capital, according to Bisnow. Additionally, Nuveen Green Capital provided approximately 16 million dollars in commercial property assessed clean energy funding. [1]
Bisnow reported that both nonrecourse loans were arranged by D2 Capital Advisors. The transaction team included Jack Cortese, vice president of capital markets, and David Frankel, chief operating officer. Riverwards Group is contributing 10 million dollars in equity to the development. [1]
The Port Richmond neighborhood forms part of the Pennsylvania State Senate 1st district. The district is currently represented by Senator Nikil Saval, who serves as the Democratic chair of the State Senate Urban Affairs and Housing Committee. [1][3]
In short
- Riverwards Group secured 36 million dollars for Phase 2 of Somerset Station.
- The project will add 170 apartment units in Port Richmond, Philadelphia.
- Silver Heights Capital provided a 20 million dollar senior construction loan.
- Nuveen Green Capital provided 16 million dollars in C-PACE financing.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Riverwards Secures $36M In Construction Financing For Philly Apartment ProjectBisnow, 15h ago (the report this story comes from)
Background
- [2]Philadelphia crime family on Wikipedia
- [3]Nikil Saval on Wikipedia
- [4]RUAP on Wikipedia
Our newsroom writes these reports with the help of software, from the 4 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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