Procida Funding’s 100 Mile Fund announced that the firm closed on a $16,200,000 construction loan for the famous Mural Arts Lofts building, aka the Thaddeus Stevens School in Philadelphia.
Developer Eric Blumenfeld is using the funds to renovate the historic site into 56 loft-style apartments.
“The architectural detail from the original design blended with a modern interpretation of loft style living will be inter-woven together in an elegant way creating some of the most charming residential living opportunities yet to be presented in the Philly real estate market,” said Blumenfeld. Procida Funding has made over $3 billion in investments since it was founded by developer and general contractor, Billy Procida in 1995.
“Eric has the vision and controls the best assets in the North Broad real estate market. I like to invest local with locals. With Domus as his contractor, Richard Sauder and David Chou as architect and engineer and Eric’s vision, we are excited to be a part of this great project and to see the North Broad transformation,” said Procida.
Construction will commence immediately, with occupancy expected in early 2016.