Progress Capital Secures $5 Million Construction Loan for Philadelphia Mixed-Use Property within Qualified Opportunity Zone
Brad Domenico, Partner of Progress Capital secured a $5,025,000 construction loan for a development project taking place in one of the hottest neighborhoods of Philadelphia, along Cecil B. Moore Avenue.
Brad worked with all parties involved and structured the loan with TriState Capital, who provided favorable terms.
The property, located within a Qualified Opportunity Zone is an added benefit for the owner of the construction project which is already underway. Improvements to the property include a four-story mixed-used building with 42 efficiently-designed residential units complimented by bookend corner retail spaces.
The inner Kensington neighborhood is experiencing a resurgence with new restaurants, bars and hip cafes opening up. The property is well located on a highly visible five-point intersection in South Kensington and is just five blocks from Berks Station on SEPTA’s Market-Frankford Line, which provides a 12-minute access to Center City.
Progress Capital is working with clients who own properties in Qualified Opportunity Zones. If you have a capital gain or plan to realize a capital gain, give us a call and we can guide you to the right investment opportunities as well as professionals (legal and accounting) who are well versed in the rules regarding Opportunity Zones. Alternatively, if you are a commercial real estate owner with a project in an Opportunity Zone, we may be able to help you with debt and equity to realize your development goals.
To learn more about Qualified Opportunity Zones, read our article at https://progresscapital.com/what-you-need-to-know-about-opportunity-zones-2/
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple!