Global commercial real estate advisory firm Newmark has arranged a $295 million floating-rate loan on behalf of Southern Land Company (SLC), for the construction of the Laurel, located in Philadelphia, PA. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Debt & Structured Finance, along with Nick Scribani and Chris Kramer, both managing directors. The loan was provided by Mack Real Estate.
The Laurel is a 48-story, 420,928-square-foot premier residential condominium, multifamily apartment and retail development located at 1911 Walnut Street on Philadelphia’s Rittenhouse Square. The fully-entitled project represents the last developable site along the prestigious park. Inspired by its historic surroundings, The Laurel commands the most desirable residential location in the city, offering unmatched design, unrivaled amenities and unprecedented panoramic views. Recognizing the dearth of competitive supply and high barriers to entry along the park, The Laurel is a significant multifamily development and is slated to be Philadelphia’s tallest multifamily building. The Laurel will feature 54 residential condominium units (142,918 NSF), 235 luxury rental apartments (233,375 NSF), 44,635 NSF of prime retail space and a 216-space subsurface parking garage.
“The Laurel represents a world-class high-rise condominium, multifamily and retail development on the last developable site on the renowned Rittenhouse Square. The premier location and elegant design will result in a truly one-of-a-kind property,” said Stolly. “Southern Land Company is a highly experienced luxury residential developer and is the ideal firm to tackle this ambitious and iconic development,” added Roeschlaub.
SLC is a national development firm focused on high-end multifamily and mixed-use projects, with over 20 properties and approximately $1 billion currently in development. The Sponsor has direct experience in Philadelphia, having recently developed and successfully stabilized and sold 3601 Market Street. With a team of over 400 professionals, SLC is growing a portfolio of market-leading projects in premier locations across the country, including distinctive single and multi-family homes, luxury towers, master-planned communities and mixed-use projects. SLC’s team has 120 years of combined real estate experience, which includes over 2,000 multifamily units and 6,000 single family lots. SLC has a particular expertise in entitlement processes in high barrier-to-entry markets and challenging zoning areas. SLC has experience in development, design, construction, capital markets and operations across the country having built prominent projects in Philadelphia, Nashville, Raleigh, Dallas and Denver.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.