D2 Capital Advisors Secures $37.3M in Construction Financing for Philadelphia Multifamily Development
D2 Capital Advisors has arranged a $37,300,000 construction financing package for the development of 2507 Almond Street, a six-story multifamily project located in Philadelphia's Olde Richmond neighborhood. The capital stack includes a $20 million senior loan from Silver Heights Capital and $17.3 million in C-PACE financing provided by Nuveen Green Capital (NGC). This funding supports the construction of 155 residential units, along with amenities such as parking spaces, rooftop decks, green roofs, and bike storage. The project is being developed by Riverwards Group under principals Mo Rushdy and Larry McKnight. The financing was structured on a non-recourse basis to minimize risk for the sponsor. D2 Capital Advisors' Jack Cortese highlighted that despite concerns about oversupply in Philadelphia's multifamily market, leasing activity has been strong in key submarkets like Northern Liberties/Fishtown/Olde Richmond. The development is expected to be completed by early 2028 and will benefit from a tax abatement. Riverwards Group emphasized the importance of D2 Capital Advisors' role in securing financing beyond traditional local bank relationships, supporting their broader development pipeline.
Topics: C-PACE financing multifamily development Philadelphia real estate