PHILADELPHIA, May 22, 2020 /PRNewswire/ -- NRIA of Secaucus, NJ, a leading developer of institutional quality middle-market commercial real estate closed on a $13 million mid-construction loan with financing partner ACRES Capital Corp to fund the completion of Moderna at Rittenhouse on the 2000 block of Lombard Street in Philadelphia. Prior to the loan's closing two of the eight $2.8 Million+ units were pre-sold, six remain. The loan carries an initial term of 12 months.
Moderna is a luxury townhouse community located in the tony Rittenhouse Square neighborhood of Center City across from the exclusive Lombard Swim Club. There are eight ultra-luxury residences each with 4,600 to 5,000 square feet of interior living space, 4 bedrooms, 5 full bathrooms and 2 powder rooms and over 1,000 square feet of private rooftop and walk out deck space. Units feature six-stop private elevators, two-car garages, basement media centers and wet bars, roof top decks with grilling kitchens and jacuzzis and the finest finishes throughout. The residences carry 10-year tax abatements, a great appeal to buyers given the Philadelphia incentive program is about to expire in 2021.
NRIA is a leader in institutional middle-market acquisition and development, focusing on luxury townhomes, condominiums, and [mixed-use] multifamily investment, in addition to certain structured credit strategies. With 14+ year track-record developing on the East Coast, NRIA's total projects are valued in excess of $1.25Bn.
"At the start of 2020, two units were pre-sold and we were 70% complete. A more efficient and flexible financing structure was desired while waiting for the Spring market," said Coley O'Brien, Principal, NRIA. "Shortly after the due diligence process, the virus came and everyone's lives drastically changed. Having a partner like ACRES, that isn't specifically reliant on capital markets was an advantage. ACRES provided certainty of execution, like they have in the past, so when the construction ban was lifted we were ready."
"Moderna at Rittenhouse is the only new townhouse development in the high barrier to entry Rittenhouse Square neighborhood of Philadelphia," said ACRES President and Chief Executive Officer Mark Fogel. "We are excited to partner with our repeat Sponsor, NRIA, in bringing another highly demanded multifamily project to market."
Philadelphia's most exclusive boutiques and restaurants and its premier park, Rittenhouse Square, are just steps from Moderna. Buyers include professionals, families, and downsizing empty nesters who wish to reside close to work, and take advantage of cultural and social attractions without giving up square footage.