National Real Estate Development Closes $141 Million Construction Loan with Ullico for 1100 Market Street; Tutor Perini Building Corp. Tapped as General Contractor for the 1100 Market Street Project at East Market
PHILADELPHIA, May 04, 2015 (BUSINESS WIRE)—National Real Estate Development (“National”) and Ullico Inc. (“Ullico”) have closed on a $141 million construction loan for 1100 Market Street, paving the way for construction start at National’s East Market project in Center City. The financing coincides with National’s announcement that Tutor Perini Building Corp. has been awarded $117.5 million in contracts as the general contractor for the mixed-use project just east of City Hall. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate, and developed by National.
“National is building an exciting, urban mixed-use project in the heart of Philadelphia that will offer tourists and residents a dynamic experience,” said Daniel Killinger, managing director of National. “A critical part of the project’s success is choosing partners, like Ullico and Tutor Perini, who understand and support our vision. We are honored that Ullico has invested so significantly in the restoration of this section of Philadelphia, and have no doubt that Tutor Perini will bring East Market to life with skill and dedication.”
1100 Market Street will span an entire city block and blend new-to-market retail and dining destinations with contemporary apartments. The overall master plan will enable tourists and local Philadelphians alike to benefit from the dynamic street life and unique mix of retail tenants, including MOM’s Organic Market.
The Ullico loan will allow the vertical construction of 1100 Market Street to launch in the next several weeks. This project will focus on the development and leasing of buildings facing Market Street. In addition, National has already begun the development and leasing of the former Family Court Building, 34 S. 11th Street. The total cost for both projects is $260 million.
When completed, the 1100 Market Street project will include:
- An 18-story, 500,000 gross square-foot mixed-use complex which will include a 16-story, 322 residential tower
- A 19,000 square-foot amenity level and outdoor deck above a two-story, 105,000 square-foot split retail podium
- 187 below-grade parking spaces and centralized loading – a rare feature in Center City
About East Market
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12thStreets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit or email at firstname.lastname@example.org.
By Deb Massa
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