Southern Land Co. secures $70m for The Laurel Rittenhouse Square in Philadelphia
Southern Land company announced a $70 million senior secured condo inventory loan collateralized by unsold for-sale residential condominium units in The Laurel Rittenhouse Square, a 48-story luxury residential building in Philadelphia. The Laurel’s 65 condo units are on the top floors of the recently completed residential tower that also includes 1909 Rittenhouse, a 184-unit luxury multifamily community on the lower floors of the building. The Laurel is the tallest residential building in Philadelphia and features ultra-high-end finishes and amenities, as well as 44,000 square feet of restaurant and retail space on the first three floors.
Northwind Group provided the loan through its closed-end debt funds and provided the condo inventory loan with flexible terms, providing the sponsor with the required capital and time to sell out the remaining unsold units. The loan is emblematic of Northwind’s strategy to pursue investment opportunities in gateway cities across the country, with a focus on residential transactions.
The Laurel welcomed its first homeowners in January 2023, and to date, Southern Land Company has closed more than $154 million in condominium sales. 1909 Rittenhouse opened to residents in November 2022 and is 90 percent leased.
The financing was arranged by Newmark Debt and Structured Finance Group. Northwind was represented by King & Spalding.