We are pleased to announce the closing of a $19MM construction loan for this transformative project at 2201 Washington Avenue in Philadelphia's Graduate Hospital neighborhood. Our clients purchased the Biben Sales building and will replace it with an appropriately dense mix of retail, rental, and for-sale townhomes on this full block, one-acre lot. Demolition is nearly complete as of this writing, with construction to commence shortly.
The ongoing transformation of the Washington Avenue corridor from industrial and construction materials big boxes to retail and residential is a once-in-a-generation opportunity for smart dense, urban growth. This project joins the Chocolate Factory development next door, Alterra Group's Lincoln Square at the Broad Street nexus to the east and Hightop Development's Graduate Square to the west. Also, Philadelphia's iconic Dock Street Brewery recently opened a flagship location across Washington Avenue, further diversifying the area's dining options.
Funding for this project satisfies two distinct needs - (1) A mixed-use building with ninety luxury apartment units and 9,360SF of much needed-retail, and (2) Twenty-one 3,000 square-foot, 3-bedroom, 4-bath for-sale townhomes with two-car parking and roof decks.
For the financing, which posed a challenge to many lenders, Axcel sourced a one comfortable with the structure and negotiated a facility suitable for this project's unique needs. Leverage, rate and terms were very competitive and provided the developers with the flexibility needed to fund the project as designed.
Axcel Capital provides construction funding for commercial real estate development projects as well as bridge, permanent, agency and, conduit capital for transitional and stabilized projects nationwide. Also, Axcel delivers C-PACE funding, an emerging source of high-leverage, long-term, non-recourse capital for value-add and new construction projects.
Call Stephen Arrivello at (215) 519-1010 or send an email to explore how we can meet funding needs.