News
Philadelphia Multifamily

Divine Lorraine Redeveloper Bags $35M in Finance

EB Realty Management obtained a $35M construction loan to redevelop the historic Divine Lorraine on North Broad Street. Washington Square Realty Capital arranged the construction loan, with money provided by Procida Advisors’ 100 Mile Fund. It's the latest piece of the puzzle for the complex redevelopment, funding for which has been two years in the works and consists of not only loans but also $3.5M in state money and $8M in tax grants. The plan is to convert the storied property into 126 apartments and 20k SF of retail. [PBJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Philadelphia Newsletters
Related Stories

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

'Redefining Industry Standards': RCG's 3-Pronged Approach To Building Automation

Bringing Stability And Savings To CRE Insurance Through Working Layer

Philly's Big-Box Warehouse Owners Subdivide Spaces After Developing 'The Wrong-Size Buildings'

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

King Of Prussia Pursues Stadium To Anchor $200M Mixed-Use Complex

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Developer Lands Construction Loan For Bristol Industrial Project: The Philadelphia Deal Sheet

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment