Real Estate
Home›Real Estate›Residential›Riverwards Group secures $20M loan for 155-unit projec…
Riverwards Group secures $20M loan for 155-unit project in Olde Richmond
The financing includes a $17M commercial property assessed clean energy loan, according to Riverwards Group.
Riverwards Group has secured a $20 million construction loan for a 155-unit apartment project at 2507 Almond St. in Philadelphia’s Olde Richmond neighborhood, Managing Partner Mo Rushdy confirmed to Bisnow.
Bisnow reports that Silver Heights Capital arranged the financing and that the package included a $17 million commercial property assessed clean energy loan.
City records cited by Bisnow show an entity associated with Riverwards bought the triangular lot directly behind the Aramingo Shopping Center for $2.3 million in January 2024, and its assessed value for next year is nearly $5.3 million.
Alongside the Olde Richmond deal, Bisnow’s Philadelphia roundup also notes other leasing and property moves, including a renewed 12,800 SF lease for Vinzoo at 474 Pike Road in Huntingdon Valley and Oriole Cos.’ purchase of a 24K SF mixed-use building at 101 E. High St. in Pottstown for $2.5 million.
Latest closeSilver $64.83 ▼0.1%