Bank OZK, Affinius Provide $141M Financing for Pennsylvania Multifamily Property

Piazza Auto Group and Radnor Property Group have secured $140.7 million of construction financing to build The Piazza at Ardmore, a mixed-use multifamily development in Ardmore, Pa., a suburb just outside Philadelphia, Commercial Observer can first report. 

Bank OZK provided $112.6 million in senior secured financing, while Affinius Capital provided $28.1 million in mezzanine debt. Eastdil Secured’s Nick Seidenberg arranged the financing. 

Located at 100 Lancaster Avenue in Ardmore — one of the suburbs along Philadelphia’s “Main Line,” a collection of affluent cities that includes Villanova, Radnor, Haverford and Merion — The Piazza at Ardmore will feature 270 units and 30,000 square feet of retail space. 

Affinius Capital Senior Vice President Perry Katz spoke to the “strong demographics” of the Main Line market and the “comprehensive amenities” set to be added to The Piazza at Ardmore.   

“[These] make it a compelling investment aligned with our strategy of backing institutional-quality multifamily assets with top-tier sponsorship,” he added.

The development will include 478 parking spaces and amenities such as a pool, a hot tub, grilling stations, fire pits, a fitness center, and coworking and study spaces. The building will also be within walking distance to the Ardmore SEPTA/Amtrak station. 

Construction is due to be completed in April 2028. 

Brian Pascus can be reached at bpascus@commercialobserver.com.