PHILADELPHIA, July 28, 2026 /PRNewswire/ — D2 Capital Advisors (D2CA) is pleased to announce the successful arrangement and closing of a $37,000,000 construction financing package for 2507 Almond Street, a 155-unit, six-story multifamily development in the Olde Richmond neighborhood of Philadelphia. The capital stack comprises a $20,000,000 senior construction loan and $17,300,000 in Commercial Property Assessed Clean Energy (C-PACE) financing. D2CA arranged both tranches on behalf of Riverwards Group (“Sponsor”), led by principals Mo Rushdy and Larry McKnight, P.E., LEED-GA.
The senior construction loan was provided by Silver Heights Capital and the C-PACE financing was from Nuveen Green Capital (NGC), a leading provider of (C-PACE) financing. Together, the two tranches fund construction of the 104,469-square-foot project, which will deliver a unit mix of 119 studios, 24 one-bedrooms, and 12 two-bedrooms, along with 63 parking spaces, a rooftop deck with skyline and river views, a green roof, and bike parking. The project has secured a fully approved 10-year, sliding-scale tax abatement and is being built by Urban Renewal Builders, Riverwards Group’s affiliate general contractor. Both the senior loan and the C-PACE financing were structured on a non-recourse basis.
The transaction was led by Jack Cortese and David Frankel of D2 Capital Advisors, who structured and arranged the layered senior debt and C-PACE financing to maximize proceeds and minimize the Sponsor’s overall cost of capital.
“The headline narrative on Philadelphia multifamily has been oversupply and slow absorption, and on the surface that made this a harder financing to tell,” said Cortese. “But our own proprietary data and local market knowledge told a different story: leasing velocity in the Northern Liberties/Fishtown/Olde Richmond corridor was picking up significantly, while new construction starts had pulled back sharply, with very little new competitive supply underway or even planned. Getting lenders to underwrite to that reality, rather than the headlines, is what allowed us to finance 2507 Almond Street on terms that work for Riverwards Group.”
2507 Almond Street sits in the Northern Liberties/Fishtown/Olde Richmond submarket, which is moving through the back half of its absorption cycle following the 2023–2025 supply wave. Citywide, new leasing has outpaced deliveries for the first time in over three years, and construction starts have pulled back sharply — first-quarter 2026 deliveries were the lowest in several years, with full-year completions projected at roughly 7,000 units, well below the elevated 2024–2025 totals. Within the immediate submarket, vacancy has been compressing from its 2024–2025 peak. That combination — a sharply thinner forward pipeline layered on a submarket nearing its absorption of recent supply — positions 2507 Almond Street, slated for delivery in early 2028, to enter the market on the tail end of the current cycle rather than into a fresh wave of competitive new supply.
Riverwards Group has served as a full-service developer across Philadelphia’s Riverwards neighborhoods since 2009, with a track record of more than 1,500 homes and multifamily units delivered, including Somerset Station, Kensington Courts, Avenue V, N5 Square, The Lenora, and numerous other developments. The firm maintains a vertically integrated platform spanning development, design, and construction.
“We hired D2 Capital Advisors with a clear mandate: secure non-recourse construction financing and help us build lending relationships beyond the strong local bank relationships we’ve relied on for years,” said Mo Rushdy, Principal of Riverwards Group. “Jack and the D2 team delivered on both fronts, sourcing this financing through their debt fund execution and giving us a new institutional capital relationship to further fuel our development pipeline.”
“We were proud to partner with D2 Capital Advisors to provide C-PACE financing, administered through Philadelphia Energy Authority, for this exciting new multifamily property in Philadelphia,” said Mike Doty, Senior Director of Originations, Nuveen Green Capital. “Through C-PACE, Riverwards Group was able to access a significant non-recourse capital layer at a competitive fixed rate, reducing their overall cost of capital and helping make the project financially viable while delivering much-needed housing to this growing area of the city. This transaction underscores how C-PACE, as a flexible and cost-effective financing platform, can be a crucial part of a capital stack, and can positively impact construction financing by bridging the gap between senior debt and equity.”
About D2 Capital Advisors
D2 Capital Advisors is a commercial real estate capital advisory firm that arranges debt and equity financing across every major asset class. D2CA has closed more than $1.25 billion in financings nationwide by pairing strong capital relationships with relentless, deal-by-deal execution to deliver the structures, proceeds, and certainty that move transactions across the finish line. For more information, visit www.d2organization.com.
About Riverwards Group
Riverwards Group is a Philadelphia-based, vertically integrated real estate development platform focused on ground-up and value-add multifamily and mixed-use projects across the city’s Riverwards neighborhoods. Founded in 2009 by principals Mo Rushdy and Larry McKnight, P.E., LEED-GA, the firm has developed more than 500 homes and 1,000 multifamily units, pairing in-house development, design, and construction capabilities with deep municipal and community relationships. For more information, visit www.riverwardsgroup.com.
About Nuveen Green Capital
With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1 asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation’s first successful statewide C-PACE program2, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital
About Silver Heights Capital
Silver Heights Capital (“SHC”) is an alternative asset-based lender specializing in customized commercial real estate bridge and construction financing. Since inception, SHC has originated and closed more than $1 billion in loans across a broad range of property types and markets. As a vertically integrated balance sheet lender, SHC delivers tailored financing solutions for builders, developers, and real estate investors, combining speed, flexibility, and certainty of execution throughout the life of each loan. Backed by disciplined underwriting, proprietary origination channels, and deep real estate expertise, SHC partners with experienced sponsors to structure creative capital solutions for complex transactions nationwide. For more information, visit www.silverheightscap.com.
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1 Total assets under management (AUM) as of 1/1/2025 |
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