Northwest Bank Provides R+M Development Partners with Financing for its Newest Mixed Use Community in Philadelphia
December 13, 2022
Philadelphia, Pennsylvania - Northwest Bank, a full-service financial institution offering a complete line of business and personal banking products, has been selected for the second time this year by R+M Development Partners to provide financing for a mixed use community in Philadelphia’s Germantown. Northwest will provide a $9.1 million commercial loan for construction of the new building at 5521 Wayne Avenue.
The site will include 50 apartments, space for retail businesses, a fitness center, rooftop deck, sustainable design elements, and other amenities. Construction started in September, with completion expected in 2024.
Northwest previously provided $5.2 million in financing to R+M Development Partners for construction of the Royce, a mixed use community located about 1.5 miles from the new location. The Royce is expected to be ready for occupancy in Fall 2023.
“Because of Northwest’s familiarity with R+M Development Partners as a high caliber Sponsor and Northwest’s flexibility to provide strong, customized terms in current capital market conditions, we again chose to partner with Northwest on what is now our second deal in the submarket. It was a collaborative effort between origination, credit, and underwriting to get this one over the finish line and we are very excited to bring another A Class community to Germantown,” said Barry Shikhvarg, director of acquisitions and finance, R+M Development Partners.
“By building a strong relationship and having an open line of communication with the R+M team, we were able to expedite the process of developing and finalizing a financing package that is good for R+M Development Partners, Northwest, and most importantly, the residents of Germantown,” said Abe Ibrahim, regional vice president and market executive, Northwest Bank. “We appreciate the opportunity to work with R+M Development Partners as we continue to expand our participation in commercial development projects throughout the Delaware Valley.”
Other partners in the new building at 5521 Wayne Avenue include CANNO Architecture + Design, designer of the mixed-use community, general contractor, Tester Construction Group, and BKP Development Group, a real estate development and acquisition firm.About Northwest Bank
Northwest Bancshares, Inc (Nasdaq: NWBI) is a $14 billion asset financial services company headquartered in Columbus, Ohio, and the parent company of Northwest Bank, a Pennsylvania chartered savings bank headquartered in Warren, Pennsylvania. The Company serves consumers, small businesses, corporations, and municipalities with a diverse offering of banking, lending, payments, and wealth management solutions. As of September 30, 2022, Northwest Bank operates 142 full-service branches across Pennsylvania, New York, Ohio, and Indiana and provides customers fee-free access to more than 55,000 ATMs across the United States. Visit northwest.com for more information.