Affinius Capital has originated a $170 million construction loan to finance the development of Piazza Alta Phase II, a 431-unit Class A multifamily development in Philadelphia’s Northern Liberties neighborhood.
The project, which will feature two buildings (8 and 16 stories), is being developed by Post Brothers, a Philadelphia-based developer, owner, and operator led by Michael and Matthew Pestronk. The financing was arranged by Russell Schildkraut of Ackman-Ziff.
“Piazza Alta Phase II will be among Philadelphia’s premier multifamily projects, building on the retail and amenities completed as part of phase one of development,” said Affinius Capital Senior Vice President Perry Katz. “This project aligns with our strategy of financing exceptional multifamily assets with top-tier sponsorship, and we look forward to our partnership with Post Brothers.”
The project will mark the second phase of Post Brothers’ Piazza Alta development in Northern Liberties. Upon completion, Piazza Alta Phase II will include 431 studios and one, two, and three-bedroom units.
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