Newmark Knight Frank has arranged a $295 million floating-rate loan on behalf of Southern Land Company (SLC), for the construction of the Laurel, located in Philadelphia, PA. The loan was provided by Mack Real Estate Credit Strategies.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Debt & Structured Finance, along with Nick Scribani and Chris Kramer, both managing directors.
The Laurel is a 48-story, 420,928-square-foot premier residential condominium, multifamily apartment and retail development located at 1911 Walnut Street on Philadelphia’s Rittenhouse Square.
The fully-entitled project represents the last developable site along the prestigious park with historic surroundings. The Laurel is a significant multifamily development and is slated to be Philadelphia’s tallest multifamily building. The Laurel will feature 60 residential condominium units (142,918 NSF), 184 luxury rental apartments (233,375 NSF), 44,000 s/f of retail space and a 208-space subsurface parking garage.
“The Laurel represents a world-class high-rise condominium, multifamily and retail development on the last developable site on the renowned Rittenhouse Square. The premier location and elegant design will result in a truly one-of-a-kind property,” said Stolly. “Southern Land Company is a highly experienced luxury residential developer and is the ideal firm to tackle this ambitious and iconic development,” added Roeschlaub.