Developer gets loan to restore Divine Lorraine Hotel on North Broad

Developer Eric Blumenfeld, owner of the Divine Lorraine Hotel, appears ready to succeed where others have failed by giving the dormant 123-year-old giant structure new life.

Developer Eric Blumenfeld has closed on a $35 million construction loan to restore the decaying Divine Lorraine Hotel on North Broad Street into an apartment building with ground-floor dining.

Englewood Cliffs, N.J.-based Procida Funding & Advisors is providing the private financing for the project north of City Hall, according to a statement from Washington Square Realty Capital, which helped arrange the loan.

The developer is also seeking public funds for the project, including a $3.5 million state grant and $3.5 million in historic preservation tax credits, said Christopher Cordaro, vice president of Blumenfeld's EB Realty Management Corp. Crews are preparing to begin construction at the site, he said.

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