By Tudor Scolca
Trez Forman has closed on a $6.8 million construction loan for the development of a 50-unit, mid-rise community in Philadelphia.
The project will be a six-story building with a 5,500-square-foot ground-floor commercial component. The 14,625-square-foot site is located at 1413 Germantown Ave., 20 minutes away from Philadelphia’s Central City and about half an hour from the University of Pennsylvania. Amenities will include garage parking, a fitness center and bicycle storage.
Senior Originator Ryan Howard of Trez Forman obtained the funds on behalf of Gagandeep Lakhmna of 1413 Germantown LLC.
Developed for Millennials
The project will target Millennials. The developer aims for a better price point than other Philadelphia areas. The building will be situated in a walkable neighborhood that also offers multiple transit options. Several bus and light rail stations are located nearby. Residents will also be within walking distance of art galleries and event venues. Major employers near the property include SynergyHealth, Aramark and Morgan Properties.
“We are always excited to work with borrowers on deals in emerging neighborhoods. The young professional population is going to respond to the value proposition and amenities this rental project will offer,” said Brett Forman, president & CEO of Trez Forman, in a prepared statement.
Image courtesy of Trez Forman