National
Real Estate Development LLC has closed on a $57-million loan to finance
construction of a second residential tower at its East Market
development project between 11th and 12th Streets on Market Street.
The
loan from Wells Fargo & Co. will permit work to begin on the 20-story tower
with 240 units at the corner of 12th and Market Streets, Dan Killinger,
managing director of development for Washington-based National Development,
said in a release on Wednesday.
The
company announced last month that
Wilmington-based Iron Hill Brewery & Restaurant will open its first
Center City location on the ground floor of the planned tower, which comes in addition
to a 322-unit residential building currently under construction at 11th
and Market Streets.
Work
is also nearing completion on the conversion of the former Family Court
building on the site at 34 S. 11th Street into office space atop a Mom's
Organic Market store.
Source: Philly.com
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