Brewerytown Apartments, Philadelphia, PA
ABOUT
Brewerytown Apartments, Philadelphia, PA
Linden Lane Structured Capital (LLSC) closed on a $4.8 million preferred equity investment for the redevelopment of a 162-unit project located in the Brewerytown neighborhood of Philadelphia, PA. The existing 6-story building was being gut rehabbed into loft style apartments. Additional funds were required for the retail buildout. The investment was out for approximately 1.5 years and paid a mid-teens IRR. Sponsor recourse was provided to solve for a complex, over-levered capital stack. LLSC’s knowledge of the local market, familiarity with the asset and knowledge of the sponsor provided a competitive edge.
![](https://lindenlanecapital.com/wp-content/uploads/2021/03/009-click.png)
Situation
Sponsor needed additional cash to renovate retail space and finish the multifamily building.
![](https://lindenlanecapital.com/wp-content/uploads/2021/03/008-certification.png)
Strategy
Structured a loan secured with full recourse to the sponsors.
Results – Investment paid off in 24 months with a deal level IRR of 18%
![lighting-is-an-important-design-feature-on-this-modern-house-15985669874gkn8](https://lindenlanecapital.com/wp-content/uploads/2021/04/lighting-is-an-important-design-feature-on-this-modern-house-15985669874gkn8.jpg)