SCOPE Capital Group, LLC announced today that it has arranged $20.5 million in construction financing for 88 market-rate apartments with 8,500 square feet of ground floor retail. The loan was funded by a regional bank to an undisclosed borrower for the ground-up construction of 2nd Street Lofts in Philadelphia, PA.

Scope Capital Group’s managing director Matthew Rosenberg negotiated the financing.

The 75 percent loan-to-cost construction loan was provided by a regional bank and features a permanent conversion option to non-recourse.

Located at 1701 North 2nd Street, the 18,650-square-foot development site is located within a qualified opportunity zone at the border of Olde Kensington and Fishtown neighborhoods. Once completed, the high-end mixed-use building will feature upscale unit finishes, 32 parking spaces, an expansive roof desk and a fitness center. It is expected to be completed next year.

ABOUT SCOPE CAPITAL GROUP

Scope Capital Group capabilities extend to sourcing the most competitive acquisition, bridge, construction, and permanent solutions. The capital is sourced through partnerships with various banks, credit unions, agencies, insurance companies and alternative lenders.