NRIA, ACRES Capital Corp Close Loan for Luxury Residences
The $13 million, mid-construction loan will fund the completion of the townhouse community, Moderna at Rittenhouse, in Philadelphia, PA.
PHILADELPHIA, PA – NRIA has closed a $13 million, mid-construction loan, with financing partner, ACRES Capital Corp. The loan will be used to fund the completion of the luxury townhouse community, Moderna at Rittenhouse, in Philadelphia, PA.
The mid-construction loan carries an initial term of 12 months.
Moderna at Rittenhouse consists of eight, more than $2.8 million, luxury residences. Prior to the loan’s closing, two of the property’s eight units were pre-sold.
Comprising 4,600 to 5,000 square feet of space each, the property’s eight units offer four bedrooms, five full bathrooms, two powder rooms, living space and more than 1,000 square feet of private rooftop and walk out deck space. The residences feature six-stop private elevators, two-car garages, basement media centers, wet bars, rooftop decks with grilling kitchens and jacuzzis.
The residences additionally carry 10-year tax abatements.
The luxury townhouse community is located on the 2000 block of Lombard Street, in the tony Rittenhouse Square neighborhood of Center City in Philadelphia.
Based in Secaucus, NJ, NRIA is a developer of institutional, middle-market commercial real estate. The company’s total projects are currently valued at more than $1.25 billion.
