BLUESTONE REAL ESTATE CAPITAL SECURES A $12M PRE-DEVELOPMENT LAND LOAN FOR MIXED-USE DEVELOPMENT SITE IN PHILADELPHIA, PA

BlueStone Real Estate Capital, a Philadelphia based real estate investment bank, has secured a $12M pre-development land loan for the refinance for the Schmidt’s Parcel, an urban 10 acre, mixed-use project located in the heart of Northern Liberties, Philadelphia.   The property will be developed by Tower Investments, Inc. and its President and CEO, Bart Blatstein.  MidFirst Bank was the lender in this transaction. 

Once completed, the Schmidt’s Parcel will contain approximately 449 apartments, 160,000 square feet of retail and office space and a bay parking garage.  The project is expected to be completed over the next 36 months.  

“Securing a loan of this size can be difficult in today’s market, but in this case, the experience of Tower Investments, Inc. and its President and CEO, Bart Blatstein, coupled with our relationship with Mid-First Bank ensured this deal would be a success,” said Kristopher Wood, Managing Director of BlueStone Real Estate Capital. 

Located at the intersection of Girard Avenue and North Second Street, the Schmidt’s Parcel is poised to take advantage of one of Philadelphia’s hottest markets. Due to redevelopment and significant improvements by Tower Investments, Inc. and others, Northern Liberties has skyrocketed in recent years to become one of the fastest growing areas in Philadelphia.  Over the past three years, the area has become a hotbed of new restaurants, retail boutiques and residential developments. 

“The Schmidt’s Parcel is a terrific example of the types of sophisticated deals BlueStone is doing locally and nationally,” said Matthew McManus, Chairman of BlueStone Real Estate Capital.  “The retail services, commercial and residential space, along with parking amenities make this a unique project that will be attractive to commercial and residential buyers in this fast growing neighborhood.”