US Capital Global provided a $10.5 million senior construction term loan to Corfu Development LLC for a 60-unit residential and commercial development in Philadelphia’s thriving Fishtown neighborhood, a project the Company is spearheading with Caritas Construction LLC.
Located in the heart of Philadelphia, the development consists of two boutique buildings featuring 60 for-rent residential units and two pre-leased commercial spaces, with premium amenities such as a rooftop deck, club room, and fully equipped gym. Strategically located in a high-demand submarket near public transportation, the development benefits from Fishtown’s ongoing revitalization, which has transformed the area into a hub for creative industries, dining, and upscale urban living.
“We are excited to bring this mixed-use development to the thriving Fishtown neighborhood, delivering high-quality residential and commercial space in one of Philadelphia’s most dynamic areas,” said Michael Callahan, Senior Project Manager of Caritas Construction. “Securing the necessary financing was a critical milestone, and we are grateful to US Capital Global for their expertise and support in structuring and closing a $10.5 million senior construction term loan. Their commitment and guidance have been invaluable in helping us move this project forward.”
“We are delighted to have provided a $10.5 million senior construction term loan to support Corfu Development’s latest mixed-use project in Philadelphia,” noted Mitchell R. Cohen, Senior Vice President and Partner at US Capital Global. “With a strong track record in urban development, Corfu Development sought strategic financing to deliver much-needed residential and commercial space to the growing Fishtown neighborhood. US Capital Global worked closely with the Company to structure a customized financing solution to support the successful completion of this exciting urban development project.”
About Corfu Development LLC
Corfu Development is a real estate development firm specializing in mixed-use, residential, and commercial projects across the Northeast United States. The Company has a strong track record of successful developments, including condominiums, townhomes, and single-family homes totaling over $150 million in construction value. With a management team boasting over 25 years of experience, Corfu Development is committed to delivering high-quality, well-designed properties that enhance urban communities.