Through our in-house private loan fund, we financed a $340,000 short term loan to a repeat borrower. The loan helped provide much needed cash for an active developer to seize additional opportunities.
In Q2, 2015, we broke ground on 4342 Boone Street in the Manayunk section of Philadelphia. This Cliffside, luxury single family home will be the premier home in Manayunk. The views are amazing! The location is amazing! The lot is amazing! The home will be amazing! The property is listed by Michele Cooley and Tyler Bradley.
A successful real estate owner/operator came to us with a short-term financing need. We provided a $300,000 four month loan. We provided this financing within two weeks, taking second position mortgages on several properties.
We have always been interested in Philadelphia area student housing. Philadelphia is home to many great educational institutions. We have developed and/or owned projects that serve students from University of Pennsylvania, Drexel, University of the Sciences and Temple.
In 2014, we shifted our focus to an underserved local student housing market -- La Salle University.
Wister Court is a 204 bed new construction project that we are undertaking with our partners from How Properties. Construction is underway and we expect to have full delivery for 2015-2016 academic year.
We arranged an $8.8 million loan to finance multifamily construction in Philadelphia. This loan converts to a five year mini-perm upon project completion.
A realtor brought a large lot for sale in the Manayunk section of Philadelphia to our attention. We were able to gain the zoning approval and variances required to construct 6 for sale townhouses. The first units will be available for sale in Q2, 2015.
We successfully refinanced our University of Pennsylvania portfolio. We returned 100% of investor equity and reduced our interest rate.