Philadelphia Business Journal - Friday, October 7, 2005
Rimas Properties to build Condos at Broad and South in Phila.
http://www.bizjournals.com/philadelphia/stories/2005/10/03/daily60.html
Rimas International Enterprises, a Philadelphia real estate opportunity investor, has received $33 million in construction and permanent financing to build a 72-unit, $45 million residential condominium development on a site that is now a surface parking lot at Broad and South streets. Rimas received the loan from the Philadelphia office of L.J. Melody Capital Markets, a CB Richard Ellis company, which announced the financing Thursday.
The project will be known as the 1352 Lofts at South Street. The six-story building will include 10,780 square feet of retail space at the street level, 72 condos and a 95-vehicle underground parking garage. The residential units will consist of studios and one-bedroom flats of up to 1,452 square feet; one- and two-bedroom bilevel residences ranging from 1,546 to 2,224 square feet; and one-, two- and three-bedroom penthouse units ranging from 1,014 to 2,903 square feet.
Flats and bilevel units will be priced at $350 per square foot, with penthouses costing $400 per square foot.
Construction of the building is expected to require 16 months, with the first units ready for occupancy in early 2007.
http://www.bizjournals.com/philadelphia/stories/2005/10/03/daily60.html
Rimas International Enterprises, a Philadelphia real estate opportunity investor, has received $33 million in construction and permanent financing to build a 72-unit, $45 million residential condominium development on a site that is now a surface parking lot at Broad and South streets. Rimas received the loan from the Philadelphia office of L.J. Melody Capital Markets, a CB Richard Ellis company, which announced the financing Thursday.
The project will be known as the 1352 Lofts at South Street. The six-story building will include 10,780 square feet of retail space at the street level, 72 condos and a 95-vehicle underground parking garage. The residential units will consist of studios and one-bedroom flats of up to 1,452 square feet; one- and two-bedroom bilevel residences ranging from 1,546 to 2,224 square feet; and one-, two- and three-bedroom penthouse units ranging from 1,014 to 2,903 square feet.
Flats and bilevel units will be priced at $350 per square foot, with penthouses costing $400 per square foot.
Construction of the building is expected to require 16 months, with the first units ready for occupancy in early 2007.
posted by Rimas Properties at
10:25 AM
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