The PennZone

PHILADELPHIA - PennZone -- The Philadelphia multi-family market has remained strong throughout the on-going uncertainty of the COVID-19 pandemic as evidenced by the many recent loan closings of multi-family construction financing in the Philly market. Kyle Earthman, owner of KNE Companies in Philly, was the most recent recipient of an acquisition and construction loan for a multi-unit apartment project in Philadelphia. The closing of the acquisition construction financing occurred on Friday October 9, 2020. Earthman's company KNE will be building 6 luxury apartment units in Philly's South Kensington neighborhood.

More on The PennZone

• Dominican Fashion Designer Raiza Bonaparte presents the Sovereign Despampanante Collection at the Library of Congress
• Roohid Parast on How AI Is Changing What Bench Scientists Can Do
• What Happens When Congress Says No? New Book Examines the Boland Amendments, Iran-Contra Affair & Jamaican Posse, as US Congress Debate Over Military
• Warm, Dry Summer Forecast Points to a Stronger Wasp and Yellowjacket Season Across the Pacific Northwest
• Qscription Technologies Appoints Anurag Velekkatt Sunil Kumar to Drive Enterprise Scale

A South Jersey Community Bank provided the financing to KNE secured by a first mortgage lien position loan on the project. The transaction size was over $1,000,000.

Earthman is delighted with the terms. "We worked hard to get a lender who was the right fit for this project", said Earthman. "In the end we found a southern New Jersey community bank that funded 80% of costs and gave us friendly permanent loan terms."

Earthman's company KNE was represented by Amanda Sokol and Jared Cobert of Diligence Capital Advisors on the loan transaction.

"We all worked hard on this, including our brokers. I am very happy with the result", said Earthman.

The project is scheduled to deliver in the Spring of 2021.