Southern Land Secures $145M Refinance for Josephine Apartment Tower
Southern Land Company has secured a $145 million refinancing loan for the Josephine, a 27-story luxury apartment tower located at 1620 Sansom Street in Philadelphia’s Center City district.
The loan was provided by Affinius Capital and arranged by Newmark, replacing a $112 million construction loan issued by RBC Bank in 2022 that financed the development of the property.
Recently Completed Luxury Tower
Josephine is a 255-unit multifamily building completed in 2024 near Rittenhouse Square, one of Philadelphia’s most desirable residential neighborhoods.
The property features a mix of studio, one-, two-, and three-bedroom apartments, with unit sizes ranging from approximately 554 to 2,748 square feet.
Amenities include a rooftop pool deck, resident lounges, coworking areas, a fitness center, and spa facilities. The building also contains retail and restaurant space at street level, including a location leased to the Japanese restaurant Uchi.
Financing Arranged by Newmark
The refinancing was arranged by a Newmark capital markets team that included Jordan Roeschlaub, Nick Scribani, and Samuel Speciale, representing Southern Land Company in the transaction.
The financing allows the developer to retire its original construction loan and stabilize the property following its recent completion and lease-up period.
Growing Multifamily Investment in Philadelphia
Philadelphia’s multifamily sector has continued to attract investor interest as population growth and housing demand support new residential development.
Average asking rents in the metro reached approximately $1,840 per month in 2025, with occupancy levels around 95.6 percent, reflecting stable demand for rental housing across the region.
Final Thoughts
The Josephine refinancing highlights continued lender confidence in newly built multifamily assets in major urban markets.
With strong occupancy levels and high-end amenities, properties like Josephine are increasingly attractive to institutional lenders seeking stable residential investments in growing metropolitan areas.
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