Saxum Real Estate is breaking ground at 81-95 Fairmount Ave. in Philadelphia, where plans call for 466 new luxury apartments and roughly 15,000 square feet of retail space. — Rendering courtesy: Saxum
By Joshua Burd
Saxum Real Estate has closed on nearly $78 million in financing for the first piece of what will be 466 new luxury apartments in Philadelphia’s growing Northern Liberties neighborhood.
The construction loan, which was sourced by JLL’s Morristown-based capital markets team, will support the project’s initial 279 units, a parking garage and 8,450 square feet of retail space at 81-95 Fairmount Ave., according to a news release. A domestic life insurance company provided the financing to the Summit-based developer.
“We are excited to break ground on this premier investment within the vibrant and energetic submarket of Northern Liberties,” said Sridhar Vankayala, Saxum’s director of capital markets. “Our lender shares our vision and enthusiasm for the project, and we look forward to their partnership.”
Vankayala secured the $77.5 million transaction in tandem with JLL’s Michael Klein, Tom Didio and Ryan Ade. He noted that the site is a four-minute walk to the Spring Garden subway station of SEPTA’s Market-Frankford Line, with easy access to Center City Philadelphia, while the neighborhood provides an amenity base of entertainment venues, bars and boutiques that are among the city’s most popular.
The development is also just east of Interstate 95 and near the Ben Franklin Bridge, providing accessibility within Philadelphia and beyond.