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North River Partners, Crestline Investors Finance $22M Philadelphia Multifamily Development
North River Partners and Crestline Investors have provided a $22 million construction loan for the development of The Fairman, an 86-unit multifamily project located in the Fishtown submarket of Philadelphia.
The Fairman will consist of one seven-story and one five-story property, featuring a mix of studios, 1-bedroom, and 2-bedroom units, as well as one retail unit. The project is being developed by Philadelphia-based PCG Investment, marking their eighth development in the city and their fifth in the Fishtown area.
Located at 1212 N Delaware Avenue, The Fairman will offer river views, immediate access to Penn Treaty Park, and close proximity to Fishtown’s food and arts scene. A public plaza will sit adjacent to the retail space, with the lobby entry facing E. Allen St. to the north.
“This transaction exemplifies our continued partnership with North River Partners and our approach to structuring senior-secured capital behind well-positioned developments in high-growth markets,” said Wes Davidson, Director at Crestline Investors.
