Saxum Real Estate Lands $77.5M Loan for Philadelphia Project
JLL arranged the loan backing Saxum’s multifamily development in the Northern Liberties neighborhood.
The Northern Liberties project. Image courtesy of JLL Capital Markets.
Saxum Real Estate has secured financing backing construction of a two-building multifamily development in Philadelphia.
JLL Capital Markets arranged a three-year floating rate loan, which was provided by an undisclosed U.S.-based life insurance company. The debt will finance first phase of Saxum’s Northern Liberties project, which will total 279 units in studio, one-, two- and three-bedroom units in a seven-story building.
Units at the property will have private balconies, large windows, stainless steel appliances and quartz countertops. Once the two phases are fully built out, residents will have access to a fitness center, dog wash station, demonstration kitchen, cafés, coworking spaces and resident clubrooms. The first phase building will also offer 8,449 square feet of ground-floor retail.
Located at 711-735 N. Front St. in the Northern Liberties neighborhood, the project spans two full city blocks. Less than a quarter mile away, the Spring Garden subway station offers residents an approximately 10-minute commute to Philadelphia’s Center City neighborhood.
Once both phases are constructed, the project will total 466 and approximately 15,000 square feet of retail space. The two buildings, which will face each other, will be separated by a pedestrian plaza.
The Northern Liberties development is Saxum’s second multifamily project in Philadelphia. Saxum previously developed the Hagert & York development in the city’s Fishtown and Kensington neighborhoods. That project is expected to offer 297 units across two buildings.
Saxum’s other projects in Philadelphia are cold storage and industrial developments, while its overall portfolio across the U.S. includes office and mixed-use projects on top of industrial and residential developments.
The firm is working on a 210-unit multifamily development in Red Bank, N.J. that will include 9,000 square feet of coworking space. In 2021, Saxum partnered with XFD Real Estate Partners, Ash Real Estate and Anchor Real Estate Capital to acquire a 888-bed student housing community in Greenville, N.C.
