UC Funds Closes $20.55 Million Loan for Liberty Square Phase II in Philadelphia, Pennsylvania
We are thrilled to share the news that we have closed a $20.55 million first mortgage loan for a ground-up, Class A mixed-use development at 236 West Thompson Street in Philadelphia, Pennsylvania. The loan will fund Phase II of the three-phase residential and commercial development. Construction on Liberty Square Phase II began in early 2018 and is currently ongoing.
This deal is another example of our “grind it out” mentality to make sure that our clients get the funding they need. Phase I of the Sponsor’s project experienced strong lease-ups, further illustrating the merit of our investment in Phase II. We worked with them for the past five months to structure and solidify the Borrower structure and balance the equity spent to date and got the deal done.
Our loan will fund the construction of 79 units, 10 “live/work units” and 6,700 square feet of ground retail space. Upon completion, the Liberty Square complex will hold a total of 191 residential units. Amenities will include an underground parking garage, lobbies with spacious lounges, a luxury-style fitness center, and a landscaped plaza complete with fountains, gardens, and a dog park.
The asset’s high-end, Northern Liberties neighborhood in Philadelphia is known for its large young professional and student population.The vibrant city is home to five national sports teams, 15 four-year colleges, five Fortune 500 companies and numerous historic landmarks including the Liberty Bell and Independence Hall. The property is in close proximity to downtown Philadelphia and offers easy access to public transportation.
The Philadelphia multifamily real estate market is experiencing exponential growth. Over the past ten years, the renter base has increased 6.1 percent, growing faster than most major U.S. cities. Liberty Square is just one of 43 projects underway within a three-mile radius! Whether you’re building a Class A luxury building like Liberty Square or are renovating a Class B or Class C existing asset, UC Funds can provide the capital solutions you need.