News
Divine Lorraine Redeveloper Bags $35M in Finance
September 9, 2015
EB Realty Management obtained a $35M construction loan to redevelop the historic Divine Lorraine on North Broad Street. Washington Square Realty Capital arranged the construction loan, with money provided by Procida Advisors’ 100 Mile Fund. It's the latest piece of the puzzle for the complex redevelopment, funding for which has been two years in the works and consists of not only loans but also $3.5M in state money and $8M in tax grants. The plan is to convert the storied property into 126 apartments and 20k SF of retail. [PBJ]
