ACRES Capital Corp. has originated an approximately $27 million loan to fund the construction and stabilization of 1201 W. Girard Ave., a 118,000-square-foot multifamily property located in Philadelphia, Pennsylvania. The loan is provided to OCF Realty LLC, a Philadelphia-based, community- focused real estate firm providing comprehensive services in development, property management, leasing and home buying and selling. The loan carries an initial term of 24 months.
1201 W. Girard Ave. will feature:
166 Rental units
More than 94,000 square feet of net rentable area
31 Parking spaces
1201 W. Girard Ave. will provide the Popular submarket of North Philadelphia with newly constructed apartments at an affordable price point, making it an attractive option for millennials and other young professionals. The property is a seven-minute walk to Temple University and is one block away from the Girard subway station on the SEPTA Broad Street Line, which provides access into Center City within eight minutes. The Poplar neighborhood has recently seen a significant amount of residential growth, and is within proximity to several restaurants, public transportation, schools, universities and public green spaces.