HACKENSACK, N.J., Feb. 15, 2018 /PRNewswire/ -- For more than 20 years, 1499 S. Christopher Columbus Blvd. in south Philadelphia sat empty.
Now, plans to develop this long-vacant property are finally moving forward. Nationwide private lending firm Silver Arch Capital Partners announced today the closing of a $15 million land loan for two of the site's six parcels. The borrower used the loan proceeds to purchase the waterfront property, known as 1401 and 1401 R-S Christopher Columbus Blvd.
A mixed-use development is planned for the 22.39-acre waterfront area. The proposed site plan includes the construction of up to 235 luxury townhomes along the scenic Delaware River, boat slips for owner's watercraft, outdoor recreational activity and a riverfront cafe.
"South Philadelphia is becoming a vibrant area where people want to live, work and shop," said Jeffrey Wolfer, CEO of Silver Arch Capital Partners. "Putting this vacant lot to good use will add tremendous value to this growing area of the city."
The property, a 30.39 acre parcel at 1499 S. Christopher Columbus Blvd., was purchased by Philadelphia developer Bart Blatstein in 1993, and was later acquired by Bally's Entertainment. Bally's eventually traded the property to Foxwoods Resort and Casino, which partnered with several Philadelphia-area investors to finance the construction and operation of a casino on the site.
In the face of fierce opposition from the city, Foxwoods abandoned the project and in 2014 Blatstein acquired the property once more. Blatstein divided the 30.39-acre property into multiple parcels, two of which were developed with an Aldi's grocery store and a Wawa convenience store.
According to Wolfer, a new mixed-use development is an exciting new prospect for south Philadelphia, which has undergone significant revitalization in recent years.
"Even though banks and conventional lenders generally will not lend on land, Silver Arch Capital Partners understands that this property holds tremendous potential in this neighborhood," Wolfer said. "It's not every day that an empty waterfront property in a major population center is available for development. There is a clear recipe for success for a mixed-use development in this up-and-coming neighborhood."
"This area is particularly valuable because it's the only developable piece remaining among the 1.2 million square feet of retail space along Christopher Columbus Boulevard," Wolfer said. "Brand new-housing located in an in-demand neighborhood, coupled with powerhouse retail amenities and ease of accessibility from major thoroughfares, will help push this area to the top of the Delaware Valley's most sought-after neighborhood list."
About Silver Arch Capital Partners
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in the real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing. Drawing from various resources, Silver Arch Capital Partners offers loans from $1 million to $70 million with the flexibility and creativity to review projects of every type – multifamily, office, retail, industrial, hotel and land – and to offer funding for almost every purpose – restructurings, discounted payoffs, purchase of notes and property improvements.
SOURCE Silver Arch Capital Partners