Philadelphia-Area Development Locks In $141M for Construction
The transit-oriented community will include 270 apartments and 30,000 square feet of retail space.
An affiliate of Piazza Auto Group has received a $140.7 million construction loan for the development of The Piazza at Ardmore, a 270-unit Class A transit-oriented community taking shape in Ardmore, Pa., a submarket of Philadelphia. Affinius Capital and Bank OZK provided the funds.
The project will rise five stories across 548,000 square feet, with completion slated for 2028.
The capital stack includes a $112.6 million senior secured loan from Bank OZK and a $28.1 million mezzanine loan from Affinius Capital. Radnor Property Group is leading the development alongside company president Dave Yeager, who will oversee the project. The Piazza at Ardmore has seen $187 million in investment to date.
The Piazza will offer studio to three-bedroom apartments, many with balconies. Shared amenities include a pool, a hot tub, a fitness center, fire pits, dedicated coworking spaces and private study areas. It will also have a 19,000-square-foot courtyard.
In addition to its residential component, The Piazza at Ardmore will include 30,000 square feet of ground-floor retail and 478 parking spaces. Approximately 100 spaces will be reserved for retail customers.
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The project is taking shape at 100 Lancaster Ave. in Ardmore, approximately 10 miles outside of Philadelphia. The Ardmore train station, which offers Amtrak and SEPTA rail service, is within walking distance of the property. Trader Joe’s, Whole Foods, Target and the Ardmore Music Hall are within one mile of the future community, each also located along Ardmore Avenue.
Nick Seidenberg, managing director with Eastdil Secured, arranged the financing.
Occupancy remains strong in Philadelphia
In December 2025, Philadelphia had a 95.6 percent occupancy rate, 100 basis points higher than the national average, a Yardi Matrix report shows. Investor activity slowed over the course of the year, with $760 million in multifamily transactions in the metro. That’s a 17.4 percent decrease year-over-year.
Affinius Capital has also been active elsewhere in the city. In October 2025, the company provided $170 million in construction financing to Post Brothers for the second phase of Piazza Alta, a 431-unit community taking shape in the Northern Liberties neighborhood. It’s expected to come online in 2027.
In November, Pearl Properties received $173 million for construction of Harper Square, which will be the city’s tallest rental building. When completed, the development will rise 500 feet and offer 267 residences.
