PHILADELPHIA, PA., August 19, 2021 – SCOPE Capital Group, LLC announced that it has arranged $19.6 million in construction financing for Vine Street Apartments, a 120-unit multifamily development in the Loft District of Philadelphia, PA. The loan was funded by a regional bank to an affiliate of the Meritis Group.
SCOPE Capital Group’s managing director Matthew Rosenberg negotiated the financing with the collaboration from SCOPE’s investment sales group.
The approximate loan to cost amounted to 60% including $15,000,000 in hard construction costs. The loan was provided by a regional balance sheet lender and features a permanent conversion option to non-recourse and a no prepayment penalty option to exit the loan at any time.
“Our capital sources have continued to show strong support for new construction multifamily housing projects surpassing 50 units in all pockets of the city of Philadelphia,” adds Rosenberg. “Through extensive lender relationships, SCOPE Capital Group has successfully secured over $70M in construction loans for multiple projects scheduled to come online in the next 24 months throughout Philadelphia and the surrounding region.”
Located at 1201-15 Vine Street, the project includes a two-story vertical overbuild above the Jarvis Building to be connected to a separate eight-story ground-up residential build. The Jarvis Building currently houses the nightclub, NOTO Philadelphia. The proposed plans, created by Cadre Design, will preserve the building’s existing brick exterior and the new addition will feature a modern design with gray metal paneling and public art components along 12th Street. The entire project will be 83,635 square feet which will encompass 120 new residential units and a 36-space automated parking garage. New residential units will have a shared lobby space and will feature a mix of studio, one and two-bedroom units. The property borders the Rail Park, an elevated public park that will eventually provide three miles of landscaped greenery to neighborhood residents.
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ABOUT SCOPE CAPITAL GROUP
Scope Capital Group’s capabilities extend to sourcing the most competitive acquisition, bridge, construction, and permanent solutions. The capital is sourced through partnerships with various banks, credit unions, agencies, insurance companies, and alternative lenders. Rosenberg has secured correspondent licenses with agency and life insurance companies enabling Scope Capital Group to compete on a national scale.