Viking-Mill-Apartments-Philadelphia

3650 Capital Provides $37.5M Construction Loan for Philadelphia Multifamily Conversion Project

by Taylor Williams

PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.

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