EBSC Lending Originates $18.7M 189-Unit Construction in Philadelphia.

PHILADELPHIA, PA — EBSC Lending has originated an approximately $18.7 million construction loan to support the completion of a 189-unit, Class A multifamily building located in the Rittenhouse Square neighborhood of Philadelphia, one of the city’s most prestigious and supply-constrained residential districts.

Transaction Overview

The 18-month construction loan was extended to repeat EBSC client Coley O’Brien, an experienced sponsor specializing in institutional-quality middle-market acquisition and development. The sponsor’s platform focuses on luxury townhomes, condominiums, mixed-use multifamily properties, and structured credit strategies, with more than $700 million in projects developed nationwide.

At the time of financing, the project was approximately 60% complete, with four units pre-sold, prompting the sponsor to refinance into a more efficient and flexible capital structure as market demand continued to strengthen. The financing allowed construction to resume immediately following project approvals from the City of Philadelphia.

The property is situated in Rittenhouse Square, a historic and highly desirable neighborhood originally planned by William Penn as one of the city’s five public parks. The location is surrounded by high-rise residential towers, luxury retail, restaurants, and cultural institutions, and benefits from excellent public transportation access, making it attractive to professionals, families, and downsizers seeking an urban lifestyle.

Commenting on the market and project fit, Leslie Augustin, Senior Vice President of Loan Processing & Servicing at EBSC Lending, stated, “This area is part of Greater Center City, which has the third-largest downtown residential population in the U.S., after New York and Chicago. This project is a great addition to our mid-construction loan program, where we provide funding for projects nearing completion. We are thrilled to partner once again with our trusted sponsor to bring another in-demand multifamily development to market in the high-barrier Rittenhouse Square neighborhood.”

The sponsor also noted, “Choosing a financing partner like EBSC was a real blessing. At the start of the year, the project was about 60% complete, and with four units pre-sold, we felt it was wise to refinance into a more efficient and flexible financing structure as demand for units grew. As always, EBSC provided certainty of execution, allowing us to resume construction immediately when Philadelphia gave the green light for the project.”

Market Context + What It Means

Rittenhouse Square remains one of the most competitive and supply-constrained multifamily submarkets in the Northeast, supported by high barriers to entry, strong renter demand, and limited new development opportunities. Mid-construction financing plays a critical role in enabling sponsors to complete projects efficiently once initial capital structures no longer align with market conditions.

Private lenders capable of underwriting partially completed assets and delivering fast execution provide essential liquidity in urban core markets where timing, approvals, and demand dynamics are highly sensitive.

By originating an $18.7 million construction loan for this project, EBSC Lending enabled the sponsor to complete a high-quality multifamily development in one of Philadelphia’s most sought-after neighborhoods.

Frequently Asked Questions

What type of financing did EBSC Lending provide?

EBSC Lending originated an $18.7 million mid-construction loan for a Class A multifamily development.

How large is the project?

The development includes 189 residential units in a Class A multifamily building.

What is the loan term?

The loan carries an 18-month term, designed to support construction completion.

What types of multifamily projects does EBSC Lending finance?

EBSC Lending finances construction, mid-construction, bridge, and refinance transactions for multifamily and mixed-use assets nationwide.

Related EBSC Lending Financing Programs

EBSC Lending provides flexible private capital solutions across the United States, including:

• Construction & Mid-Construction Loans – Financing for projects nearing completion

• Multifamily Financing – Ground-up, transitional, and stabilized assets

• Commercial Bridge Loans – Short-term capital for complex real estate transactions.