Post Brothers has secured a $52 million loan for Post Rittenhouse Hill LP to complete the redevelopment of its Rittenhouse Hill property in the Germantown section of Philadelphia. Currently the largest residential real estate project in the region, the 470,000-sq.-ft. complex will feature 624 luxury apartment units.
The loan, funded by a major European Bank and arranged by The Ackman-Ziff Real Estate Group LLC, will allow Post Brothers to fully renovate its Rittenhouse Hill property to include the largest green roof in Philadelphia. The green roof will total more than 2 acres and will feature an infinity edge pool, dog runs, outdoor dining/barbecue areas, private social event space, yoga/meditation gardens and a playing field. Other amenities will include over 15,000 sq. ft. of interior retail space, the installation of a commercial-size gym and the creation of a perimeter trail that will connect to Wissahickon Gorge in Fairmount Park.
â€śThis financing will help us complete the actualization of our business plan for Rittenhouse Hill to deliver the highest-quality large-scale rental apartment community in the Philadelphia area,â€ť Post Brothers President Mike Pestronk said in a statement. â€śThis project will not only benefit our residents, it will continue to drive the redevelopment and reinvigoration of Germantown and the surrounding areas.â€ť
Built in 1955, the 16-acre complex was purchased by Post Brothers in April 2011. The gut renovation will add nearly one hundred new units to the property. Rittenhouse Hill will be completely redeveloped with brand new apartment units, featuring new argon-filled low-E windows; state-of-the-art finishes, including natural oak flooring; designer-quality bathrooms with textured ceramic bathroom tiles, floating vanities and thermostatic shower columns with rain-style showerheads and body jets; and kitchens with quartz countertops, stainless steel appliances and low-profile ultra-modern cabinetry.
Rittenhouse Hill will be the seventh multifamily property that Post Brothers has redeveloped since its founding in 2007. The firm has also begun a makeover of the Goldtex building on 315 N. 12th Street in Philadelphiaâ€™s Callowhill Loft District, and operates four other properties in the cityâ€™s Germantown and Mt. Airy sections.