The developer seeking to transform the Divine Lorraine in Philadelphia has closed on a $35 million construction loan.
While much of the funding for the redevelopment had been in the works and committed by various sources, this marks another milestone in the pending redevelopment of the storied North Broad Street landmark.
Washington Square Realty Capital arranged the funds for Eric Blumenfeld’s EB Realty Management, which is redeveloping the property. The construction money was provided by Procida Advisors’ 100 Mile Fund, which provides bridge, mezzanine and construction loans and equity to real estate projects.
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