PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage.
According to the architecture firm, the site consists of two parcels: Parcel A, which spans approximately 1.4 million square feet, and the 318,000-square-foot Parcel B. The project is located at 1001 S. Broad St. at the corner of Washington Avenue, near the end of the Avenue of the Arts district.
Russell Schildkraut and Christine Zivkovic of Ackman-Ziff Real Estate Group arranged $250 million and $100 million, respectively, in construction financing from Bank OZK and Starwood Property Trust for the first phase of Broad & Washington. Both direct lenders have partnered with Post Brothers on past projects as well.
All told, Post Brothers has secured more than $400 million in construction debt for the first phase of the project, which will comprise some 600 units and 50,000 square feet of commercial space across four interconnected buildings. Delivery of the first phase is slated for 2024, and the development team expects to complete the entire project in 2026.
“Due to the size and complexity of Post Brothers’ latest project at Broad and Washington, a capital stack was required that included the most sophisticated capital providers in the marketplace today,” says Schildkraut, who serves as principal of Ackman-Ziff.
According to the development team, Broad & Washington will be the largest multifamily project in the country to be built using load-bearing wall panels as a structural element, which saves 25 percent on hard costs versus traditional concrete and steel construction for high-rise buildings under 20 stories.
— Taylor Williams