Developer Eric Blumenfeld has closed on a $35 million
construction loan to restore the decaying Divine Lorraine Hotel on North Broad
Street into an apartment building with ground-floor dining.
Englewood Cliffs, N.J.-based Procida Funding &
Advisors is providing the private financing for the project north of City Hall,
according to a statement from Washington Square Realty Capital, which helped
arrange the loan.
The developer is also seeking public funds for the
project, including a $3.5 million state grant and $3.5 million in historic
preservation tax credits, said Christopher Cordaro, vice president of
Blumenfeld's EB Realty Management Corp. Crews are preparing to begin
construction at the site, he said.
Source: Philly.com
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