SCOPE Capital Group, LLC announced that it has arranged $17.7 million in construction financing for Box Factory Lofts, a mixed-use development in the Fishtown neighborhood of Philadelphia, PA. The loan was funded by a local community bank.
SCOPE Capital Group’s senior director Edward Brown negotiated the financing with the collaboration from SCOPE’s investment sales group on behalf of the borrower.
The loan was committed and closed at 80 percent loan to cost and featured a 24-month initial term.
Located in Fishtown at the intersection of East Columbia Avenue and North Front Street, the project includes the ground up construction of 63 luxury residential units over 1,100 square feet of commercial space with 12 parking spaces. The proposed plans, created by SITIO Architecture + Urbanism, join the new build with the existing 20 units at 21 E. Columbia Avenue by a common, landscaped courtyard and will be served by a new fitness center and bike storage amenity. The residential component will include studios, one and two-bedroom units. Construction is scheduled to be completed mid 2023.
“Located at 31 E. Columbia Avenue, Box Factory Lofts occupies a prominent corner along the expanding Front Street corridor of Fishtown,” adds Brown. “We look forward to seeing our client execute on this project and add to the flourishing Fishtown community.”