Riverwards Group Secures $37.3 Million for Philadelphia Multifamily Project

The six-story project, encompassing 104,469 square feet, will feature 119 studios alongside one- and two-bedroom units. Designed by the developer’s affiliate, Urban Renewal Builders, the property includes a green roof, a rooftop deck, and 63 parking spaces. Construction is slated for completion in early 2028, positioning the asset to enter the market as the current regional supply wave subsides.

Jack Cortese and David Frankel of D2 Capital Advisors led the transaction, navigating a challenging financing environment characterized by broader concerns over Philadelphia’s multifamily absorption rates. By leveraging proprietary data showing declining construction starts and compressed vacancy in the Northern Liberties, Fishtown, and Olde Richmond corridor, the team secured terms that diverged from the negative market narrative. For Riverwards Group, led by Mo Rushdy and Larry McKnight, the deal provides non-recourse capital while establishing new institutional lending relationships to support their ongoing development pipeline.