CHICAGO, ILLINOIS– Essex Capital Markets, LLC is pleased to announce the successful closing of a $4.15 million acquisition loan for a newly constructed 43-unit multifamily property located in Philadelphia’s University Square neighborhood. The financing was arranged by Essex Capital Markets Principal, Darragh Griffin, and Analyst, Quinn Keenan, on behalf of a private investment group.
The property, known as Haverford Lofts, is a boutique, high-end apartment community featuring a mix of one- and two-bedroom units. Residents enjoy premium finishes along with modern amenities including a community fitness center and shared study spaces.
The loan was provided by a regional bank and structured as a three-year term with a fixed interest rate of 5.64%.
Located in the heart of West Philadelphia’s rapidly growing University City district, Haverford Lofts offers convenient access to public transportation, the University of Pennsylvania, Drexel University, and a dynamic mix of dining, retail, and cultural destinations.
“Securing the most competitive terms is always our top priority — but a close second is creating the right match for a sustainable, long-term lending relationship. In this case, we connected a Chicago-based sponsor with a Chicago-based lender that had a strategic appetite for the Philadelphia market, enabling an out-of-state execution on a tight 1031 deadline. By timing a treasury dip, we locked in pricing 52 basis points below the original term sheet and increased loan proceeds by nearly 11% just days before closing — all while laying the groundwork for future portfolio growth,” said Darragh Griffin, Essex Capital Markets President.
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