A $57 million construction loan has been secured to begin construction on the second, taller residential tower at East Market.
National Real Estate Development announced today that Wells Fargo will finance construction of the 20-story, 240-unit tower. Work on the building’s two-story retail base, which will include Iron Hill Brewery, has already begun at 1199 Ludlow.
It’s the second loan that Wells Fargo has provided for the massive $600 million East Market project. It first loaned $38.5 million for the construction of 1100 Ludlow, an office building that will house Bohlin Cywinski Jackson, the Design Center, and Mom’s Organic Market.
Designed by Morris Adjimi and BLT Architects, 1199 Ludlow will be slightly different from the first 17-story residential tower, the Ludlow, which topped off late last year and will include 322 units. The second tower will be slightly taller and offer fewer 1-bedroom and 2-bedroom units, allowing more square footage per apartment.
Like its counterpart, there will be perks like a fitness center, conference rooms, and outdoor space. But it does have a slightly longer list of amenities:
- A sun deck
- A 25-yard, four-lane lap pool
- A sunken dog run
- Indoor-outdoor play areas for children
- A library
- A demo kitchen
- Community vegetable gardens
From the sounds of it, the second tower will be geared more toward established professionals, couples, and families, while the Ludlow has been marketed toward millennials.
The second tower is expected to begin leasing in summer 2018 and be move-in ready by the fall.
- Iron Hill Brewery signs lease for East Market [Curbed Philly]
- New East Market apartment renderings revealed [Curbed Philly]
- Photos: 1st phase of East Market tops off [Curbed Philly]
- East Market’s 2nd residential tower sails through design review [Curbed Philly]
- A second residential tower at East Market heads to Civic Design Review [Curbed Philly]
- Inside the $600 million East Market mixed-use development [Curbed Philly]