ACRES is pleased to announce that it has originated an approximate $13 million mid-construction loan to fund the completion of Moderna at Rittenhouse, located in the coveted neighborhood of Rittenhouse Square – Philadelphia. The property will feature eight ultra-luxury townhome units (two of which are pre-sold), each consisting of approximately 4,000 square feet of interior living space and over 1,000 square feet of private rooftop and deck space. Buyers will enjoy a full 10-year tax abatement.
Other unit features include:
The loan carries an initial term of 12 months and is provided to repeat Sponsor, NRIA. NRIA is a leader in institutional-quality middle-market acquisition and development, focusing on luxury townhomes, condominiums, and mixed-use multifamily investment, in addition to certain structured credit strategies. The sponsor has a 14+ year track-record developing across the Northeast with total projects valued in excess of $1.25Bn.
The project is ideally located within Rittenhouse Square, Philadelphia’s premier residential address that consists mainly of high-rise, multifamily buildings surrounding the square and one of five public parks designed by William Penn for the city. Some of the area’s most exclusive boutiques and restaurants, in addition to, cultural and entertainment venues are within walking distance of the property, making this a highly desirable neighborhood to live in.