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Work on 48-story tower next to Rittenhouse Square starting in earnest with $295M loan

The loan will enable Nashville-based Southern Land Co. to move forward with construction at the 1907-1915 Walnut St. site.

Renderings for 1911 Walnut Street, which is being developed by Nashville-based Southern Land Company. The condo portion of the tower will be called The Laurel.
Renderings for 1911 Walnut Street, which is being developed by Nashville-based Southern Land Company. The condo portion of the tower will be called The Laurel.Read moreSouthern Land Company

Southern Land Co. has closed on a $295 million loan to finance construction of its planned 48-story apartment and condo building known as the Laurel on the last sizable piece of undeveloped property near Rittenhouse Square.

The loan from an affiliate of Mack Real Estate Group of New York will enable Nashville-based Southern Land to begin construction at the 1907-15 Walnut St. site where it has completed utility relocation work after a groundbreaking ceremony in April, Brian Emmons, the developer’s manager for the Philadelphia project, said Monday.

Southern Land received its final city approvals for the project, which is to include 60 condo units, 184 rental apartments and 44,000 square feet of retail space, in May 2018. The loan to complete construction was brokered by a team at real estate services firm Newmark Knight Frank.

Southern Land also built the 3601 Market St. apartment building in University City, which it sold last year to a fund under San Francisco-based real estate firm FPA Multifamily LLC.