Madison Realty Capital has originated a $102 million loan for the acquisition and construction of a 479,500-square-foot mixed-use development located at 650 Fairmount Ave. in Fairmount, a fast-growing community within the Northern Liberties neighborhood of Philadelphia.
Located on a 4.1-acre development site, the property will comprise 327 multifamily units, 77 townhomes, 21,000 square feet of ground-floor and below-grade retail space, and 200 parking spaces. The multifamily portion of the property will offer studios and a range of one- to three-bedroom units, while the townhomes will consist of three- and four-bedroom units and feature attached garages. Sixty of the multifamily units and 10 of the townhomes will be designated as affordable. Upon completion, amenities for the multifamily portion of the property will include a swimming pool, state-of-the-art fitness center and an outdoor tenant lounge.
During the past several years, the Northern Liberties neighborhood h
