Philly’s Tallest Residential Tower Lands $295M Loan
- Jun 25, 2019
Southern Land Co. has received a $295 million floating-rate loan to build The Laurel, a 48-story luxury residential community in Philadelphia. Newmark Knight Frank arranged the loan for the property at 1911 Walnut St. on Rittenhouse Square, which according to the latest plan will provide 60 condo units and 184 luxury rental apartments along with 44,000 net square feet of prime retail space.
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Mack Real Estate provided the loan. Southern Land Co. broke ground on The Laurel last September, prompted by strong pre-sales of condos in the property that will be the city’s tallest residential tower upon completion. The first units are expected to deliver in 2021.
The 420,928-square-foot property, which will also include a subsurface parking garage with 208 spaces, will sit on the last buildable site along Rittenhouse Square, a popular park in the city center. Southern Land Co. settled on the current project plan in February 2018.
Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Debt & Structured Finance, led the team that arranged the new financing, along with Managing Directors Nick Scribani and Chris Kramer.