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PHILADELPHIA-Grasso Holdings has obtained a nearly $22.5-millionfirst-mortgage bridge loan to kick off pre-development of its$315-million mixed-use complex. The funding is secured by the2.1-acre parcel for the full-block project at 1601 Vine St. inCenter City.

New York City-based Hudson Realty Capital LLC provided the loan,which Spencer Garfield, HRC's managing director, says has a12-month term. "Grasso had a short timeframe to buy out an existingpartner, retire existing debt and pay for pre-development," hetells GlobeSt.com. "This is our second deal with Grasso, andbecause we think highly of the company and the project, we wereable to meet their needs quickly. That the city is behind theproject and it is primarily rental also gave comfort." He declinedto disclose the interest rate, but says, "We charge slightly morethan for a conventional loan in exchange for getting the deal donequickly."