A rendering of Fishtown Kensington Village at 1929-45 East York St. and 1924-44 East Hagert St. in Philadelphia — Courtesy: JLL
By Joshua Burd
Saxum Real Estate has secured nearly $47 million in financing for a 297-unit multifamily project in Philadelphia, according to a Morristown-based debt placement team with JLL.
Brokers represented the Summit-based developer to source the construction loan for what’s known as Fishtown Kensington Village, which is underway at the corner of 1929-45 East York St. and 1924-44 East Hagert St. Valley Bank is providing the three-year, $46.5 million loan, JLL said, noting that completion is slated for summer 2022.
The brokerage team included JLL Director Thomas E. Didio Jr. and senior managing directors Michael Klein and Ryan Ade.
“The closing of this transaction is the culmination of several years of hard work to entitle and capitalize this one-of-a-kind luxury multi-housing development in the Fishtown submarket of Philadelphia,” Didio said. “This Opportunity Zone project was met with tremendous interest in the debt markets, a testament to Saxum’s vision of the project, positive macroeconomic multi-housing trends and the micro desirability of Fishtown. Valley Bank provided an accretive debt structure that will allow the sponsors to execute their development plan to meet the overwhelming market demand.”
In a news release, JLL said the project will bring new artist loft, studio, one-bedroom and two-bedroom apartments to one of Philadelphia’s most popular burgeoning neighborhoods. Units will have upscale design and finishes, while the complex will feature amenities such as a co-working café, two club rooms, an industrial kitchen, a lounge, two rooftop terraces and a fitness center.
The location is a block from the York-Dauphin train station, allowing direct access to Center City, and accessible from the nearby Dauphin and Emerald Street bus stops and Interstate 95.