Southern Land Company Secures $110M For 375-Unit Development
- Aug 23, 2013
Philadelphia—Southern Land Company, in partnership with Redwood Capital Investment, has secured $110 million in financing from M&T Bank for 3601 Market Street. The community, which is developed by Southern Land and the University City Science Center and designed by BLT Architects, is a 28-story, 375-unit Class A community in Philadelphia, near the University City Science Center Campus. The 443,000-square-foot project marks the first residential component of the research park.
3601 Market Street will include studios, one- and two-bedroom apartments and penthouses, with rents ranging from $1,300 to $2,800. Though not student housing, the community will be convenient for graduate students, doctors, nurses, professors and young professionals that work or attend school nearby.
The building will have a modern design, and the developers are looking to achieve LEED Silver certification.
“The tower is angled at 30 degrees to maximize light and vista’s for the residents,” Michael L. Prifti, a principal at BLT Architects, tells MHN. “It has all the bells and whistles including a 1750-square-foot fitness center and swimming pool on the sixth floor roof deck, 15,000 square feet of street front retail and parking for 200 cars and 140 bicycles.”
Groundbreaking for 3601 Market Street is expected to begin in the fall of 2013.