Ampere Capital Group has received $24 million in construction financing for the development of a mixed-use multi-family project in Philadelphia. S3 Capital provided the loan for the developer's six-storey building, which will comprise 109 residential units and 14,500 square feet of retail space.
The property is located at 1640 North Hancock Street in Philadelphia's Fishtown neighbourhood. Steven Jemal, Managing Director of Origination at S3 Capital, stated that Fishtown has evolved into one of Philadelphia's most desirable neighbourhoods, boasting an excellent mix of retail, restaurants, and easy access to the city centre.
Market Dynamics and Location Attractiveness
Jemal added that the market has absorbed significant new supply in recent years, but this pipeline is starting to diminish. Once supply and demand rebalance, the neighbourhood is well-positioned for the long term. This underscores confidence in the sustainable development and enduring value of the property in Fishtown.
BayBridge Real Estate Capital negotiated the financing, with a team comprising Matteo Yepes, Jay Miller, AJ Felberbaum, Noah Rothman, and Spencer Miller. The project is situated 2.5 miles northeast of downtown Philadelphia and encompasses studios, one-bedroom, and two-bedroom apartments across 122,804 square feet.
Architecture and Completion
The renowned architectural firm HDO Architecture is responsible for the project's design. Completion is scheduled for the end of 2027. The construction of this multi-family building will thus make a significant contribution to further urbanisation and the provision of modern housing in an up-and-coming neighbourhood of Philadelphia. Ampere Capital Group did not immediately respond to a request for comment.
