The developer behind a five-story mixed-use project slated for one of the Philadelphia Main Line’s most coveted communities has secured a $140.7M construction loan.
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A Piazza Auto Group affiliate plans to build 270 apartments and 30K SF of retail at 100 Lancaster Ave. near the Ardmore train station serviced by Amtrak and SEPTA. Radnor Property Group, which is overseeing construction, expects the project to deliver in 2028.
Bank OZK issued a $112.6M senior secured loan to the developer, while Affinius Capital provided a $28.1M mezzanine loan.
“The Piazza at Ardmore’s superior positioning, strong demographics, and comprehensive amenities make it a compelling investment aligned with our strategy of backing institutional-quality multifamily assets with top-tier sponsorship,” Affinius Capital Senior Vice President Perry Katz said in a statement.
In addition to 478 parking spaces, the Piazza will have a resort-style pool, fire pits and coworking space.
The financing deal came after Kimco Realty and Bozzuto Development this week completed their 131-unit, mixed-use Coulter Place project within Ardmore’s Suburban Square, The Philadelphia Inquirer reported.
Both projects are part of a broader multifamily push on Lancaster Avenue. Dranoff Properties opened its 110-unit One Ardmore complex on the corridor in 2019 following years of resident pushback.
The senior lender on this latest project, Arkansas-based Bank OZK, boosted its commercial real estate lending to $1.5B in Q2 2025, but overall, the industry has held a shrinking share of its portfolio as of late.
The company sold a $265M loan underpinning Pacific Center, a vacant 500K SF life sciences property in San Diego, to Strategic Value Partners last month. Also last month, Bank OZK seized the undeveloped portions of the 235-acre Baltimore Peninsula site from Sagamore Ventures and Goldman Sachs before their $66M loan came due.
