Post Brothers Bags $170M Loan for Philly Multifamily Dev

Post Brothers is putting itself in position for its next multifamily development in Philadelphia.

The firm landed a $170 million loan from Affinius Capital for its project at 1099 Germantown Avenue in the Northern Liberties neighborhood, the Commercial Observer reported. The financing will support a 431-unit rental development, the second phase of the company’s Piazza Alta development.

The units will be spread across a 16-story and an eight-story building. Apartment sizes will range from studios to three-bedroom layouts and residents will have a host of amenities, including a rooftop pool, grilling stations, fire pits, a fitness center, a yoga studio, saunas, steam rooms and coworking spaces.

Ackman-Ziff’s Russell Schildkraut arranged the loan. The project is expected to be completed in 2017.

This is the first time Affinius and Post Brothers have worked together, according to the developer’s president, Matt Pestronk.

Leasing at the previous 695-unit phase of Piazza Alta went through a slow period, but was 97 percent leased as of the start of the summer. The next phase will bring the development’s total unit count to 1,126.

As of early summer, Post Brothers was also plotting to commence work on the second phase of One Thousand One on South Broad Street. Work was expected to begin once occupancy of the first phase hit 100 percent; it sat at 80 percent at that time.

The next phase of that development would feature 453 units and be built on the eastern half of the block between Broad and 13th streets and Carpenter Street and Washington Avenue. Post hopes to break ground on the two-and-a-half-year phase early next year.

Elsewhere in Northern Liberties, Palladium Group sold majority shares in Liberty Square and Corner 2nd to Delaware-based Commonwealth Group for a combined $93 million earlier this year. The properties face each other across North American Street and straddle Olde Kensington and Fishtown, in addition to Northern Liberties.

— Holden Walter-Warner