Pacific Western Funds $30M Construction Loan for Philadelphia Multifamily Development

The site at 4300 Ridge Ave. in the East Falls area of Philadelphia is located adjacent to Kelly Drive, Fairmount Park and the Schuylkill River.

PHILADELPHIA — Pacific Western Bank has funded a $30 million construction loan for a 142-unit multifamily development in the East Falls neighborhood of Philadelphia. Amenities will include a pool, fitness center, wellness room, resident lounge, game room and private workspaces. The property will also house 10,450 square feet of ground-floor retail space. Gregg Wallace of AMA Financial placed the debt on behalf of the developer, a joint venture between Philadelphia-based Method Co. and Cimbra Partners. Completion is slated for the middle of 2023.