A vacant triangular lot in Olde Richmond is now slated for six stories of new apartments after the developer secured a construction loan.
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Riverwards Group is borrowing $20M for the 155-unit project at 2507 Almond St., Managing Partner Mo Rushdy confirmed to Bisnow.
Silver Heights Capital arranged the financing, which included a $17M commercial property assessed clean energy loan, the company said in a LinkedIn post.
An entity associated with Riverwards bought the triangular lot directly behind the Aramingo Shopping Center for $2.3M in January 2024, per city property records. Its assessed value for next year is nearly $5.3M.
LEASES
Third-party logistics firm Vinzoo has renewed its 12,800 SF lease at 474 Pike Road in Huntingdon Valley. Comer & Cross Concrete Coatings also inked a new lease for 6,500 SF at the property owned by Industrial Investments.
SALES
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Oriole Cos. has purchased a 24K SF mixed-use building at 101 E. High St. in Pottstown from Somanshu Properties for $2.5M, according to Trophy Commercial Real Estate Managing Director Craig Thom. His firm arranged the sale of the property with 23 apartments and a ground-floor retail space.
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PhilaPort is moving its headquarters to the Philadelphia Navy Yard, the Philadelphia Business Journal reported. The organization’s board on Wednesday unanimously approved the shift to 5101 S. Broad St., which it will purchase for $22.6M.
FINANCING
An entity associated with Bryant Park Holdings has received a $1.35M loan to refinance a 10-unit multifamily building at 1221-23 N. Franklin St. in Ludlow after it was renovated last year. A Northmarq team including John Banas, Kris Wood, David Singer and Jeff Steigerwalt arranged the loan, according to a press release.
THIS AND THAT
Four of the six businesses that participated in a Market East pop-up this summer will remain in the spaces owned by Comcast and Harris Blitzer Sports & Entertainment through the end of the year, The Philadelphia Inquirer reported. The occupants staying on include vintage clothing store Almost Famous, Clubfriends Radio & Records, Love Now Media and Siddiq’s Water Ice.
PEOPLE
Trophy Commercial Real Estate has added Arun Philip to its team as a senior associate. The tax expert, who previously worked at KPMG and Deloitte, will focus on underwriting and valuations.
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Jonathan Klear has joined Colliers’ industrial brokerage team at the firm’s office in Mount Laurel as an executive vice president. He came from NAI Mertz, where he spent more than 18 years.
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