Developer nabs $6.75M for millennial-oriented rentals in South Kensington

A developer has received a multi-million dollar loan to build a mixed-use residential project geared toward millennials to South Kensington.

Developer Gagandeep Lakhmna has been issued $6.75 million to build a six-story apartment building at 1413 Germantown Avenue, announced Trez Forman Capital Group, which issued the loan.

The 14,625-square-foot project will include 50 apartments and 5,500 square feet of commercial space on the ground floor. The current structure on the site will be demolished to make way for the new development.

The project is targeted toward millennials, according to the announcement. That means the rentals will be on the small side, but residents will have access to amenities like a fitness center, garage parking, and bike storage.

The loan comes months after plans for the project were first proposed in early 2017 by the developer operating under the name 1413 Germantown, LLC. At the time, the project called for 120 residential units to be housed in two buildings including 1413 Germantown with 50 units and 1427 Germantown with 70 units.

Though the project was met with pushback from the South Kensington community and the non-biding Civic Design Review advisory committee, a construction permit was issued for 1413 Germantown Avenue specifically in December 2017.

• 1413-27 Germantown Avenue [CDR]
• St. Mary’s Manayunk redevelopment and South Kensington project asked back to Civic Design Review [PlanPhilly]