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Affinius Capital Originates $140M Construction Loan for PA Multifamily
Affinius Capital has originated a $140.7 million construction loan to finance the development of The Piazza at Ardmore, a five-story, multifamily property in Ardmore, Pennsylvania.
The mixed-use development will feature 270 residential units and 30,000 square feet of retail space along Philadelphia’s Main Line corridor. The development will also provide 478 parking spaces. The financing was arranged by Nick Seidenberg of Eastdil Secured.
Bank OZK provided a $112.6 million senior secured loan, and Affinius Capital provided a $28.1 million mezzanine loan. The loan was made to Piazza at Ardmore LLC, an affiliate of the Piazza Auto Group. Radnor Property Group, under the leadership of Dave Yeager, has been retained to oversee the development and construction of the project.
“The Piazza at Ardmore’s superior positioning, strong demographics, and comprehensive amenities make it a compelling investment aligned with our strategy of backing institutional-quality multifamily assets with top-tier sponsorship,” said Affinius Capital Senior Vice President Perry Katz.
