RCA Secures $26,900,000 Construction, Mini-Perm Loan for a New, Class “A” Apartment Complex in Lansdale, PA
PHILADELPHIA, PA, June 2, 2021 – Rittenhouse Capital Advisors announced that it sourced a $26,900,000 construction, mini-perm for an apartment building to be constructed in Lansdale, PA.
The developer will construct this project as an upscale, highly-amenitized product, popular with young professionals, millennials and young families. This format has proven extremely popular in the developer’s other sites.
Lansdale is a suburb of Philadelphia and is situated roughly 30 miles directly northwest of the city. Lansdale has gone through a renaissance over the last decade with significant investment focused on the redevelopment of “Main Street.” The Main Street corridor boasts an eclectic mix of boutiques, shops, restaurants and cafes and also serves as a regional hub for Septa railway. As such, this project is transit-oriented and offers value-add there.
George Johnson, President & CEO of Rittenhouse Capital Advisors stated, “We are very happy to be able to work on such a fine project and deliver a financial package to our clients that will help them optimize their business plan for the asset.”