Con Dig (13-Oct-26) — A planned 170-unit apartment development in Philadelphia’s Port Richmond neighborhood has secured $35.83 million in construction financing, moving the next phase of the Somerset Station project forward.
D2 Capital Advisors arranged a $19.87 million senior construction loan from Silver Heights Capital and $15.96 million in Commercial Property Assessed Clean Energy (C-PACE) financing from Nuveen Green Capital on behalf of developer Riverwards Group.
Somerset Phase II, at 2202 E. Somerset Street, will comprise approximately 146,158 square feet with 76 studios, 38 one-bedroom apartments and 56 two-bedroom units, together with garage parking. The financing, combined with more than $10 million of sponsor equity, supports an overall project cost of approximately $46 million.
Urban Renewal Builders, an affiliate of Riverwards Group, is the general contractor. The developer says site work completed during the first phase should allow vertical construction to progress quickly, with delivery targeted for early 2028.
The first phase delivered 220 apartments and was sold to the Philadelphia Housing Authority in 2025. The new financing supports the second phase of a broader neighborhood development plan.
Why it matters: The completed financing package advances a substantial multifamily construction project and highlights how C-PACE capital is being combined with conventional debt to fund new residential development.
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