National Real Estate gets loan for second East Market residential tower

National Real Estate Development LLC has closed on a $57-million loan to finance construction of a second residential tower at its East Market development project between 11th and 12th Streets on Market Street.

The loan from Wells Fargo & Co. will permit work to begin on the 20-story tower with 240 units at the corner of 12th and Market Streets, Dan Killinger, managing director of development for Washington-based National Development, said in a release on Wednesday.

The company announced last month that Wilmington-based Iron Hill Brewery & Restaurant will open its first Center City location on the ground floor of the planned tower, which comes in addition to a 322-unit residential building currently under construction at 11th and Market Streets.

Work is also nearing completion on the conversion of the former Family Court building on the site at 34 S. 11th Street into office space atop a Mom's Organic Market store.