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Riverwards lands $36M for Phase 2 of Philly’s Somerset Station apartments

The Phase 2 project will deliver 170 units at 2202 E. Somerset St. in early 2028, with Riverwards putting up $10M in equity to complete a $46M budget.

Reported · Written up by our desk · Industry

Riverwards Group has secured $36 million in construction financing for Phase 2 of its Somerset Station apartment project in Philadelphia’s Port Richmond neighborhood, according to Bisnow.

The developer plans to build 170 units as part of a second phase at 2202 E. Somerset St., with delivery targeted for early 2028.

Bisnow reports the funding includes a roughly $20 million senior construction loan from Silver Heights Capital and about $16 million in commercial property assessed clean energy funding from Nuveen Green Capital, both structured as nonrecourse loans arranged by D2 Capital Advisors.

Riverwards is contributing $10 million in equity to cover the remaining portion of the project’s $46 million budget, and the building will include 76 studios, 38 one-bedrooms, 56 two-bedrooms, and an on-site parking garage.

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