Post Brothers has received a hefty construction loan to expand one of its keystone Philadelphia rental properties.
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Affinius Capital is floating $170M so the developer can build the 431-unit second phase of its Piazza Alta complex on the corner of Germantown Avenue and Second Street in Northern Liberties, according to a press release.
The project, consisting of two buildings with eight and 16 stories, will bring the number of units in the complex to 1,126.
Work is expected to wrap up in the next 26 months, according to a joint statement Post Brothers provided from CEO Michael Pestronk and President Matthew Pestronk.
“Phase II of Piazza Alta will deliver into a market with nearly no new supply having been delivered for over a year,” the statement says.
“In a sea of sameness, renters will always gravitate toward quality; especially the older, more affluent renter class that has emerged over the last 5-6 years.”
The project will consist of studios and one- and two-bedroom units. Amenities at the building will include rooftop pools, grilling stations, a high-tech gym and a spa facility with dry saunas and steam rooms.
Ackman-Ziff principal Russell Schildkraut arranged the financing, according to the release from San Antonio-based Affinius.
Work on Post Brothers' other main project, the 630-unit first phase of One Thousand One in South Philly, is set to wrap up later this year.
That project's second phase, with 453 additional apartments, is expected to begin in early 2026 after the first structure is leased up. The first phase was about 80% leased in July, Post Brothers Vice President of Marketing Anthony Scotland said at the time. The developer also has plans for a 375-unit addition across 13th Street.
The Pestronks are confident these new units will be in high demand despite the large number of recent deliveries in Northern Liberties.
“There is still some hangover of supply delivered in the last two years, but new deliveries are clearly falling off a cliff as absorption continues strongly,” they said.
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