PHILADELPHIA, PA - Elite Business Service (EBSC Lending), along with its subsidiaries, a leading commercial real estate lender specializing in middle-market projects, is excited to announce that it has originated an approximately $18.7 million construction loan to support the completion of a 189-unit, Class A multifamily building in the highly sought-after Rittenhouse Square neighborhood of Philadelphia.
The loan, which has an 18-month term, was extended to repeat client Coley O’Brien, a prominent leader in institutional-quality middle-market acquisition and development. O’Brien’s focus includes luxury townhomes, condominiums, and mixed-use multifamily properties, as well as structured credit strategies. With over a decade of experience and more than $700 million in total projects developed across the U.S., O’Brien brings a strong track record to this partnership.
Located in Rittenhouse Square, one of Philadelphia’s most prestigious residential districts, the project benefits from an ideal setting surrounded by high-rise multifamily buildings, exclusive boutiques, restaurants, and cultural attractions. The square itself is one of the five public parks originally designed by William Penn for the city. The property also boasts excellent transportation options, making it an attractive destination for professionals, young families, and empty nesters who want to live close to work while enjoying vibrant social and cultural amenities.
Leslie Augustin, Senior Vice President of Loan Processing & Servicing at EBSC Lending, shared, "This area is part of Greater Center City, which has the third-largest downtown residential population in the U.S., after New York and Chicago. This project is a great addition to our mid-construction loan program, where we provide funding for projects nearing completion. We are thrilled to partner once again with our trusted sponsor to bring another in-demand multifamily development to market in the high-barrier Rittenhouse Square neighborhood."
Coley O’Brien commented, “Choosing a financing partner like EBSC was a real blessing. At the start of the year, the project was about 60% complete, and with four units pre-sold, we felt it was wise to refinance into a more efficient and flexible financing structure as demand for units grew. As always, EBSC provided certainty of execution, allowing us to resume construction immediately when Philadelphia gave the green light for the project.”
About EBSC Lending: EBSC Lending is a balance sheet lender that provides debt capital solutions covering the entire spectrum of real estate on a nationwide platform. EBSC Lending seeks opportunities in the $50 million to $100 million range and typically funds loans in 15 to 25 business day, EBSC Lending works directly with real estate owners and mortgage professionals nationwide. EBSC has originated nearly $1.7 billion of loans since inception.