PacWest Lends $30M on East Falls Apartment Development in Philly
Method Co. has landed $30 million of construction financing for a transit-oriented, multifamily project in Philadelphia, the developer announced Wednesday.
Pacific Western Bank (PacWest) supplied the loan, which will finance the ground-up construction of a new 135,000-square-foot apartment building, with 142 units and 10,450 square feet of ground-level retail, on a vacant lot in Philadelphia’s East Falls neighborhood. Method Co. is developing the project as part of a joint venture with Cimbra Partners.
The transaction was brokered by Gregg Wallace of AMA Financial.
“This is a truly unique location on Kelly Drive right at the Falls Bridge,” PacWest Managing Director Dan Hartman said in a statement.
Located at 4300 Ridge Avenue, the project is located adjacent to the Schuylkill River with access to Philadelphia’s public transit system powered by the Southeastern Pennsylvania Transportation Authority. Its amenities include an outdoor pool, resident lounge, game room, private workspaces, wellness room and fitness center.
“We could not be more excited to be partnering with designers and capital partners at the top of their game for this transformative project” Method Co. President and co-founder David Grasso said in a statement. “The project’s location at the foot of the Falls Bridge adjacent to the entire Fairmount Park system along with its thoughtful amenities and design by Morris Adjmi will set it in a class by itself in the submarket.”
“The Philadelphia region continues to see extreme growth and stability in the multifamily market,” Wallace said. “The location of this asset is in a centralized transit location.”
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