Philly Mixed-Use Community Lands $150M Refi
Residents have access to various cultural and recreational venues, including The Franklin Institute.
Image courtesy of Luke van Zyl via Unsplash.com
Natixis Corporate and Investment Banking provided a $150 million, five-year, floating-rate refinancing loan for LVL North, a mixed-use community in Philadelphia. Alterra Property Group owns the newly developed Class A property, which was previously subject to a construction loan of $107 million, originated by Bank OZK, Yardi Matrix data shows.
Senior Managing Directors Kelly Gaines and Chad Orcutt, alongside Associate Blaine Fleming of JLL Capital Markets arranged the financing.
Completed in 2022, LVL North contains 410 multifamily units, 108,000 square feet of retail space and 67,727 square feet of office space. The multifamily component encompasses a mix of studio, one- and two-bedroom apartments, ranging from 372 to 1,122 square feet. The units feature hardwood floors, large closets, dishwasher and washer and dryer in all units. Common-area amenities include a clubhouse, a fitness center, a rooftop deck, a bike storage and 289 below-grade parking spaces.
Located at 510 N. Broad St., the property is in downtown Philadelphia. Residents have access to various cultural and recreational venues, including The Franklin Institute, while Matthias Baldwin Park is within walking distance. Dining and retail options are available in the surrounding area, including Target, Aldi and Giant—right next to the property.
Earlier this spring, Alterra Property Group sold Next LVL, a modular multifamily building in Philadelphia. OneFive Capital paid $88 million for the property. As of June, transaction volume in the multifamily sector rose to nearly $1.2 billion, Yardi Matrix data shows, as Philadelphia remains a strong market.
