A three-year, $66.2 million construction loan has been arranged through Wells Fargo Bank for Pearl Properties' Granary luxury multifamily project at 20th and Callowhill Streets in Philadelphia.
The loan was arranged by the New Jersey office of commercial real estate adviser HFF Inc., which announced the financing.
When completed in 2013, the Granary will have 227 one- and two-bedroom apartments averaging 842 square feet each, 20,654 square feet of ground-level retail space and underground parking.
Pearl Properties of Philadelphia acquired the former industrial site in 2006.
— Alan J. Heavens