$60,800,000 CONSTRUCTION FINANCING

One of Philadelphia's top developers, Tower Investments, engaged BlueStone to secure financing to construct a student housing, retail and movie theater complex located at Temple University's Philadelphia campus. It is the largest privately financed development in North Philadelphia's history. Although competing with the developer's existing bank, BlueStone won the deal based on its ability to deliver superior financing. The $60,800,000 construction financing was underwritten with a 2-year term on an interest only basis. Loan proceeds were set at 80% of the project's stabilized value without loan-to-cost constraint, an extremely rare benefit extended to the developer through BlueStone’s financing package. The construction financing also contained a provision that allows for the loan to become fully non-recourse when a forward commitment for funds at construction completion is secured.