Financing has been arranged for a new five-story multifamily development to be delivered in Philadelphia. This was announced by Bayport Funding, a direct private bridge lender for real estate developers, which provided a $2.15 million construction loan for the development.
The property is set to be built on West Girard Avenue in North Philadelphia. The 10,763-square-foot rental building will feature 13 modern apartment units, a basement and elevator service. Residents will have access to neighborhood shopping, dining and recreational options, along with convenient connections to public transportation across the city.
“We’re seeing continued strength in Philadelphia’s rental market, particularly for thoughtfully designed, mid-sized apartment buildings that cater to local demand,” said Marcia Kaufman, CEO of Bayport Funding. “This project represents the kind of smart, well-located development that meets today’s housing needs while supporting the city’s growth.”