Northern Liberties, Philadelphia, October 8, 2025
News Summary
Post Brothers has obtained a $170 million construction loan to build Phase II of Piazza Alta in Northern Liberties. The financing will fund two new podium‑topped buildings — eight and 16 stories — adding 431 apartments and bringing the full complex to 1,126 units. Phase II will include a mix of studios and larger units, premium finishes, in-unit washers and dryers, and resident amenities such as a rooftop lap and lounge pool, fitness and wellness spaces, coworking areas and bike storage. Construction will proceed toward a 2027 completion target, leveraging podiums completed during Phase I.
Post Brothers secures $170 million to build 431 new apartments at Piazza Alta Phase II
What happened: Post Brothers has closed a $170 million construction loan from Affinius Capital to fund the second phase of the Piazza Alta apartment complex in Philadelphia’s Northern Liberties neighborhood. The financing covers the construction of 431 new units that are slated to join the development’s existing apartments, with work expected to finish in 2027 (reports say the project should wrap up within about 26 months from announcement).
Why it matters
The project will push the Piazza Alta complex past the 1,000-unit mark: Phase I contains 695 apartments, so adding 431 units will bring the total to 1,126 apartments. The financing comes at a time when new residential construction activity in Philadelphia has cooled, with the number of permits falling to levels not seen since 2013. This deal signals continued investor interest in select, high-end multifamily projects despite tighter lending and higher construction costs across the region.
Project details
Phase II will consist of two buildings rising over eight and 16 stories. The structures will be built on top of podiums that were constructed during Phase I, with ground-floor retail already in place. Reports differ slightly on the exact mix of units: some coverage lists studios and one-, two- and three-bedroom apartments, while other reports describe a mix limited to studios and one- and two-bedroom units. All units are described as Class A apartments with premium finishes, including stainless steel appliances and in-unit washers and dryers. Many units will have unobstructed views of the Philadelphia skyline and the Delaware River.
Amenities planned
Phase II will add or expand high-end resident amenities. Planned features include a rooftop lap and lounge pool, grilling stations and fire pits, fitness and yoga spaces, dry saunas and a steam room, coworking areas, and bike storage. These amenities build on a broad amenity package established in Phase I, which included large pool and social areas and extensive fitness and co-working spaces.
Where it sits
The Piazza Alta site sits at the corner of Germantown Avenue and North Second Street inside a 28-acre master-planned area known as The Piazza. The site is about two miles from Center City and offers direct access to the Northern Liberties neighborhood and downtown. The development is also located close to the elevated transit line at Girard Station on Broad Street.
Who is involved
The loan was reported to be provided by San Antonio–based Affinius Capital and was arranged by Russell Schildkraut of Ackman‑Ziff Real Estate Group. Affinius Capital manages a large, diversified portfolio and has been active in sizable multifamily and real estate loans recently. Post Brothers is the developer; the Philadelphia-based firm was founded in 2006 by Michael and Matthew Pestronk and has developed more than 30 properties totaling roughly 8,000 apartments along with significant office and retail space.
Phase I and the larger master plan
Phase I of Piazza Alta opened in April 2023 at 1099 Germantown Avenue and includes three buildings of five, 12 and 16 stories. That phase was reported as nearly fully leased shortly after opening. The Piazza master plan includes other multifamily projects and adaptive reuse conversions, public gathering spaces and retail, and the entire site has been a major factor in reviving parts of Northern Liberties.
Market context
The financing comes while new construction in Philadelphia has slowed. Rising interest rates and higher building costs have tempered some project starts, and recent data shows permit activity at a multiyear low. Despite that broader slowdown, developers and lenders appear to be supporting select Class A projects where demand and rents remain strong and absorption has stayed positive.
What’s next
With financing in place, site work and vertical construction for Phase II are expected to proceed toward the 2027 completion target. The additional apartments and amenities will join the retail and public spaces established in Phase I and the wider Piazza master plan.
Frequently asked questions
1. Who provided the construction loan for Piazza Alta Phase II?
Affinius Capital provided the reported $170 million construction loan.
2. How many units will Phase II add and when will it finish?
Phase II will add 431 units. The project is expected to be completed in 2027, with some reports saying work will wrap up within about 26 months from the time of the financing announcement.
3. What kinds of apartments and finishes are planned?
Reports describe a mix of studios and one-, two- and possibly three-bedroom units. Apartments will include premium finishes such as stainless steel appliances and in-unit washers and dryers.
4. What amenities will Phase II offer?
Planned amenities include a rooftop lap and lounge pool, grilling stations and fire pits, fitness and yoga facilities, dry saunas and a steam room, coworking spaces, and bike storage.
5. Where is Piazza Alta located and how is transit access?
Piazza Alta is at the corner of Germantown Avenue and North Second Street in Northern Liberties, about two miles from Center City and near the Girard Station elevated transit line on Broad Street.
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Key project features
| Feature | Details |
|---|---|
| Developer | Post Brothers |
| Construction lender | Affinius Capital (reported) |
| Loan amount | $170,000,000 |
| Phase II units | 431 units |
| Total units at completion | 1,126 apartments (695 Phase I + 431 Phase II) |
| Building heights (Phase II) | Two buildings: eight and 16 stories |
| Expected completion | 2027 (roughly 26 months from financing announcement) |
| Typical interior features | Premium finishes, stainless steel appliances, in-unit washer/dryers |
| Planned amenities | Rooftop lap & lounge pool, grilling stations, fire pits, fitness & yoga center, dry saunas, steam room, coworking spaces, bike storage |
| Location | Corner of Germantown Ave & N Second St, Northern Liberties; near Girard Station; ~2 miles to Center City |
| Phase I status | Opened April 2023 at 1099 Germantown Ave; nearly fully leased as of recent reports |
| Affinius Capital AUM | Reported $62 billion |
| Loan arranger | Russell Schildkraut of Ackman-Ziff Real Estate Group |
Deeper Dive: News & Info About This Topic
Additional Resources
- Multi-Housing News: Post Brothers picks up $170M for Philadelphia luxury development
- Wikipedia: Piazza Alta
- The Philadelphia Inquirer: Post Brothers to build Phase II of Piazza Alta
- Google Search: Piazza Alta Philadelphia
- Bisnow Philadelphia: Piazza Alta construction loan
- Google Scholar: Piazza Alta Philadelphia
- PhillyVoice: Northern Liberties apartments — Piazza Alta construction
- Encyclopedia Britannica: Piazza Alta Philadelphia
- YIMBY Philadelphia: Piazza Alta introduces 695 residential units and rooftop pool club
- Google News: Piazza Alta Philadelphia
Author: Construction NY News
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