Weekly Real Estate News
Summary
Philadelphia apartment project has closed construction financing with a senior loan and C-PACE funding.
A $35.83 million construction financing package has closed for Somerset Phase II, a planned 170-apartment project in Philadelphia’s Port Richmond neighborhood, according to an October 13 announcement from D2 Capital Advisors.
The package includes a $19.87 million senior construction loan from Silver Heights Capital and $15.96 million in C-PACE financing from Nuveen Green Capital. Riverwards Group is the developer. More than $10 million in sponsor equity supports a total project budget of approximately $46 million.
The project is scheduled for delivery in early 2028. The company has not disclosed interest rates, repayment terms or a final leasing schedule. Read the original financing announcement.
