Scannapieco Development Company has secured USD 32 million in debt financing for a recently completed multi-family property in Philadelphia. Dwight Capital closed the loan under Section (223)(f) of the U.S. Department of Housing and Urban Development (HUD) for Scannapieco's Americana project. This 110-unit residential complex was completed in Philadelphia's Kensington district in 2024.
The loan proceeds will be used to fund a replacement reserve for future capital improvements. They also allow Scannapieco to access equity built up since construction began, as reported by Dwight Capital. The transaction was originated by Jonathan Pomper and Jack Tawil of Dwight Capital.
Location and amenities of The Americana building
The Americana is located at 1775 North American Street, approximately three miles north of downtown Philadelphia. The five-storey apartment building incorporates ground-floor retail spaces, which are already leased to The Learning Experience and Allie Lasure Fitness.
Residents benefit from a range of extensive amenities. These include a clubhouse, an 8,000 square foot pool deck, and an outdoor lounge with barbecue areas. Furthermore, the complex offers a games room and a two-storey fitness centre.
Significance of HUD refinancing
The granting of a HUD (223)(f) loan underscores the attractiveness of the property and the stability of the investment. Such government-backed loans often come with more favourable terms and offer long-term financing security. This contributes to the value retention of the property and predictability for the developer.
A statement from Scannapieco, a Philadelphia-based company, was not immediately available at the time of publication.
