Northwest Bank Selected by R+M Development Partners as Commercial Lender for Mixed Use Community in Philadelphia’s Mt. Airy Neighborhood
June 21, 2022
Philadelphia, Pennsylvania— Northwest Bank, a full-service financial institution offering a complete line of business and personal banking products, will provide $5.2 million in financing to R+M Development Partners for construction of a $9 million mixed use community, The Royce, in Philadelphia. Located at 367 Hortter Street in the Mt. Airy neighborhood, The Royce will include 24 apartments and space for retail businesses.
A groundbreaking ceremony marking the beginning of the construction phase of the project was held today. The building is expected to be ready for occupancy in Fall 2023.
“Mt. Airy is an increasingly popular residential destination where demand for housing exceeds supply. The Royce will play a significant role in the neighborhood’s redevelopment,” said Rickey Biddle, partner, R+M Development. “As we were reviewing commercial lending partners, Northwest was the clear choice because it understood our vision of bringing affordable apartments to a stable neighborhood that has seen few new developments in recent years.”
“At Northwest, we’re committed to supporting residential and business development that contribute to the growth of neighborhoods like Mt. Airy,” said Abe Ibrahim, regional vice president and market executive, Northwest Bank. “We’re proud that R+M Development selected Northwest as its financing partner and look forward to participating in commercial development projects like this throughout the Delaware Valley.”
The building will combine a modern layout and amenities with a mid-century modern design to create a distinctive aesthetic. Features include a unique rooftop space that can be used for social activities and a number of sustainable design elements. CANNO Architecture + Design serves as designer for the building.
Other partners in the project include general contractor, Tester Construction Group and investment firm, Zatos Investments.
About Northwest Bank
Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, employee benefits and wealth management services. As of April 19, 2022, Northwest operates 142 full-service community banking offices and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.’s common stock is listed on the NASDAQ Global Select Market (“NWBI”). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.