PHILADELPHIA - Oct. 11, 2020 - The Philadelphia multi-family market has remained strong throughout the on-going uncertainty of the COVID-19 pandemic as evidenced by the many recent loan closings of multi-family construction financing in the Philly market. Kyle Earthman, owner of KNE Companies in Philly, was the most recent recipient of an acquisition and construction loan for a multi-unit apartment project in Philadelphia. The closing of the acquisition construction financing occurred on Friday October 9, 2020. Earthman's company KNE will be building 6 luxury apartment units in Philly's South Kensington neighborhood.
A South Jersey Community Bank provided the financing to KNE secured by a first mortgage lien position loan on the project. The transaction size was over $1,000,000.
Earthman is delighted with the terms. "We worked hard to get a lender who was the right fit for this project", said Earthman. "In the end we found a southern New Jersey community bank that funded 80% of costs and gave us friendly permanent loan terms."
Earthman's company KNE was represented by Amanda Sokol and Jared Cobert of Diligence Capital Advisors on the loan transaction.
"We all worked hard on this, including our brokers. I am very happy with the result", said Earthman.
The project is scheduled to deliver in the Spring of 2021.
Contact
Diligence Capital Advisors
jcobert@diligencecapitaladvisors.com
