SteepRock Capital Lends $29M on Suburban Philly Apartments Build

Fernmoor Homes has nabbed $28.5 million of construction financing to develop a multifamily development in suburban Philadelphia, Commercial Observer has learned.

SteepRock Capital supplied the loan for the New Jersey developer’s 132-unit Mi-Place at Media project southwest of Media, Pa., that is slated for completion in the 2026 second quarter. 

CBRE arranged the transaction with a debt and structured finance team led by Matthew Klauer and Cassandra Russell. 

“Despite the volatility in the capital markets today, CBRE and SteepRock expeditiously closed this transaction,” Jeffrey Fernbach, president of Fernmoor, said in a statement. 

Located at the intersection of Pennell Road and Old Pennell Road about 18 miles west of Philadelphia, the Mi-Place at Media project will comprise three four-story residential buildings along with 245 parking spaces. Community amenities will include a fitness center, a barbeque area, fire pits and a dog park.

“Mi-Place at Media will be an accretive addition to this burgeoning market with immediate access to Philadelphia,” Klauer said in a statement. “SteepRock was exceptionally creative during the closing process.”

Officials at SteepRock Capital and Fernmoor Homes did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com