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2224 Germantown Apartments
$17,000,000 Construction Financing
Philadelphia, PA | November 2021
Thorofare Capital has funded a $17,000,000 construction loan for the development of 2224 Germantown Apartments, a mixed-used, 72-unit multifamily project in Philadelphia, PA.
Once completed, the Property will consist of one, fourstory building, featuring 72 residential units, 16,339 SF of ground floor commercial space and one level of subterranean parking with 52 space.
2224 Germantown Apartments will feature fifty-four (54) one-bedroom units with an average size of 723 SF and eighteen (18) two-bedroom units with an average size of 1,039 SF.
Additionally, there will be 16,339 SF of ground floor commercial space which can be leased to retail or small office tenants. Each multifamily unit will come equipped with a stainless-steel appliance package including an electric range/oven, microwave, refrigerator, and dishwasher. The cabinetry will be wood, and every unit will have hardwood flooring.
Building amenities will include bike storage, fitness room, tenant lounge, business center, storage lockers and a roof deck. Plans include a lower-level parking garage, which will have a maximum capacity of 52 parking spaces.
The North Philadelphia submarket has high barriers to entry since there is a limited number of land sites available with by-right multi-family zoning. Further, the neighborhood has height limits that generally forbids buildings taller than four stories. The submarket’s high overall occupancy rate and net absorption indicates good demand for new construction multifamily projects in the neighborhood.
Thorofare’s construction facility carries an initial loan term of 25 months with two extension options of 12 months each, subject to performance tests and project completion milestones.
The sponsor is a Philadelphia-based real estate investment and development firm that focuses on multifamily and mixed-use projects in the Philadelphia metropolitan area.