PHILADELPHIA—The multifamily project being built above a future Whole Foods location on N. 22nd St. has reportedly secured $20 million in mortgage financing.
The ownership of The Dalian on Fairmount has obtained a $20-million mezzanine loan from Federal Capital Partners, according to the Philadelphia Business Journal. Property Capital LLC arranged the financing.
The financing will allow Dalian Development to build the nine-story 293-unit apartment building over a planned 55,000-square-foot Whole Foods store at 501 N. 22nd St. The project is expected to break ground sometime this fall.
Dalian Development received $90 million in senior construction financing from Santander along with Federal Capital Partners' $20 million mezzanine loan for the project expected to cost $130 million to complete. See story in the Philadelphia Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.