The financing for 2202 E. Somerset Street consists of a $19.87 million senior loan from Silver Heights Capital and $15.96 million in C-PACE financing provided by Nuveen Green Capital. This capital, bolstered by $10 million in sponsor equity, covers the $46 million total project cost for the 146,158-square-foot site. The development features a mix of 76 studios, 38 one-bedrooms, and 56 two-bedrooms, all benefiting from a 10-year, 100 percent real estate tax abatement.

Jack Cortese and David Frankel of D2 Capital Advisors managed the transaction, structuring the non-recourse debt to optimize the developer’s cost of capital. By leveraging the successful delivery and subsequent sale of the 220-unit Phase I to the Philadelphia Housing Authority in 2025, the team secured terms that reflect the sponsor's proven track record. Construction is being handled by Urban Renewal Builders, an affiliate of the developer, with vertical work expected to accelerate rapidly due to site improvements completed during the initial phase. The project arrives as residential building permit volume in Philadelphia remains at its lowest levels since 2013, creating a favorable supply environment for the 2028 completion.