Progress Capital Arranges Construction Financing for (4) Multi-Family Properties in Philly

Eddie Miro of Progress Capital secured a $2,991,00 construction loan for a valued client to convert land parcels into a multifamily community in Philadelphia, PA.

The construction project calls for the development of (4) multi-family buildings featuring a total unit count of 20, to be built along North 33rd Street in the Strawberry Mansion section of North Philadelphia, across from Fairmount Park.

The new buildings bring a major improvement to the existing property and surrounding area and can be observed as a testament of the neighborhood’s increasing growth and value.

Formerly known as Summerville, the neighborhood takes its name from a house known as Strawberry Mansion, at one time housing a restaurant known for strawberries and cream. The neighborhood was home to a number of Philadelphia’s wealthiest families in the 19th Century.  The property is bounded by 33rd Street to the west, 29th Street to the east, Lehigh Avenue to the north, and Oxford Street to the south.  Nearby public transportation includes bus stop less than 1 mile, Metro/Subway station approximately 1 to 3 miles, as well as commuter lots less than 5 miles away.

Progress Capital is a commercial mortgage advisory firm with over $40 billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress Capital continually prove its value to its clients by securing the best capital options available in the market. For more information, please visit progresscapital.com.