PHILADELPHIA-Yet another condo, York Square, is under construction in Old City. Wayne-based Berkshire Construction Management Inc., an affiliate of an area luxury single-family homebuilder, is the developer of the six-story, 60-unit property.

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 million for a 4,000-sf, four-bedroom unit, according to Paul R. Horning, Berkshire’s VP of construction. “We’re putting our skills at building single-family homes at the $5-million level to work in the condo market,” he tells GlobeSt.com. York Square is scheduled for completion in fall 2005. Horning says, “23 units are sold or under reservation.” Development cost for the building, located at 4th and Vine streets, is $23 million.

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

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

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