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| Ryan Ade |
The project is the second phase of a
two-phased development totaling 466-units. The first phase, announced in March, is
currently under construction.
JLL worked on behalf of the borrower, Saxum Real
Estate, to secure the three-year, floating-rate loan through a U.S. based life
insurance company.
The JLL Capital Markets Debt Advisory team was
led by Michael Klein, Ryan Ade, Thomas E. Didio, Jr. and Ryan Carroll.
“Phase
II’s vertical capitalization enables Saxum to commence construction on this exciting
project’s second phase as construction on Phase I progresses expeditiously.
With considerable progress made on Phase I, the existing lender extended their
non-recourse commitment to Saxum on Phase II,” stated Didio, Jr.
Phase I
is expected to be delivered for occupancy in September 2024, and Phase II is
anticipated for August 2025.
Michael Klein
The
seven-story Phase II development will consist of studio, one-, two- and
three-bedroom units and 7,803 square feet of ground floor retail.
The
spacious units will feature private balconies, large windows, stainless steel
appliances, quartz countertops and luxury vinyl tile flooring.
The property’s 45,000-square-foot
indoor/outdoor amenity package will include an outdoor pool, an expansive
courtyard deck overlooking the Delaware River, cafés, co-working spaces, a
state-of-the-art fitness/wellness center and a dog wash station.
 |
| Thomas E. Didio, Jr. |
CONTACT:
Alli Stent (Semans)
PR,
Hotels & Hospitality,
Capital Markets
JLL
M +1 330 329 6750
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