Units range from 750 sf to 4,000 sf and are priced at between$250,000 for a small, one-bedroom unit and just over $1.5 millionfor a 4,000-sf, four-bedroom unit, according to Paul R. Horning,Berkshire's VP of construction. "We're putting our skills atbuilding single-family homes at the $5-million level to work in thecondo market," he tells GlobeSt.com. York Square is scheduled forcompletion in fall 2005. Horning says, "23 units are sold or underreservation." Development cost for the building, located at 4th andVine streets, is $23 million.

Funding was arranged by locally based iCap Realty Advisors.Robert Jacoby, an iCap principal, tells GlobeSt.com that New YorkCity-based Amalgamated Bank provided 85% of the funding from itsLong View Ultra Construction Loan Investment Fund. The loan has atwo-year term and is priced over prime rate, he says. This fund isavailable only for projects using 100% union labor. iCap alsostructured and arranged a $3.5-million private equity placement forthe balance of the development costs.

iCap has 20 offices nationwide, including ones in Center Cityand in Wayne. Company wide, it originated $3.5 billion incommercial and multifamily mortgages in 2003 and placed $1 billionin equity commitments.