Developer Eric Blumenfeld has secured a $70 million loan that will allow him to begin building restaurants and shops as part of his Divine Lorraine apartment and Studebaker Building office projects on North Broad Street.
A unit of the East Norriton-based D2 Organization secured the financing from Guggenheim Commercial Real Estate Finance L.L.C., Susquehanna International Group and the Philadelphia Redevelopment Authority, Blumenfeld said in a news release Friday.
“We are thrilled to begin the next chapter of the North Broad Street story,” Blumenfeld said in the release. “Over the next six to 12 months, this corridor is going to take off like a rocket ship.”
Work to be financed with the loan includes restaurant space at the Divine Lorraine, which will include dining venues by Philadelphia chef Joe Cicala and a “soon-to-be-named protégé of Jose Garces,” according to the release.
Other proceeds from the loan will retire debt extended to Blumenfeld for his North Broad Street projects by Englewood Cliffs, N.J.-based Procida Funding & Advisors, Blumenfeld said in an interview.