Radnor Property Group and Piazza Auto Group's mixed-use multifamily project in Ardmore, Pennsylvania, is moving forward. Bank OZK and Affinius Capital have provided a $140.7 million construction loan package to support the development, The Piazza at Ardmore.
Affinius originated a $28.1 million mezzanine loan, with Affinius Capital issuing $112.6 million in senior debt. The package was made out to the entity Piazza at Ardmore LLC, which operates as Piazza Auto's affiliate. Nick Seidenberg of Eastdil Secured arranged the financing.
The residential portion plans call for 270 units that range from studios to three bedrooms. Each unit will come with balconies and premium finishes, according to Affinius. Amenities at the property will include grilling stations, a pool, fire pits, a hot tub, coworking and study spaces and a fitness center.
Additionally, The Piazza at Ardmore will feature 30,000 square feet of ground-floor retail and 478 parking spots.
Radnor will be responsible for the development of the project, with delivery estimated for 2027.
“The Piazza at Ardmore’s superior positioning, strong demographics, and comprehensive amenities make it a compelling investment aligned with our strategy of backing institutional-quality multifamily assets with top-tier sponsorship," Affinius Capital Senior Vice President Perry Katz said in a statement.
"We look forward to working with Daniel Piazza and Radnor Property Group on this significant addition to the Main Line market.”
While many markets have struggled with an influx of supply coming online, a recent report from Apartments.com revealed that some Pennsylvania markets were seeing strong rent growth over the past year or so. This includes Lancaster, where asking rents climbed more than six percent and Scranton, which has enjoyed about a five percent gain.
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