July 7, 2020
Lionheart Strategic Management and Bank OZK closed on a $120-million loan to Alterra Group. The financing will be used to fund the ground-up construction of a mixed-use project at 510 N. Broad St. in Philadelphia.
Bank OZK provided $107.5 million as the senior secured lender. Lionheart, an affiliate of Fisher Brothers, provided $12.5 in mezzanine financing. Alterra, which is developing a $179-million project including 410 apartments, was represented by JLL’s Kelly Gaines and Chad Orcutt.
“As a long-term investor, Lionheart is bullish on the broader US economy and is particularly focused on well-located urban assets that are being developed by strong sponsors in dynamic markets with multiple foundational economic demand drivers,” said Winston Fisher, chairman of Lionheart. “This transaction highlights our continued desire to pursue deals in the current environment.”
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