Northern Liberties, Philadelphia, October 6, 2025
News Summary
Post Brothers has secured a $170 million construction loan to build the 431‑unit second phase of the Piazza Alta complex at 1099 Germantown Avenue in Northern Liberties. The phase will include two residential buildings (16 and 8 stories) with studio to three‑bedroom units and amenity offerings such as a rooftop pool, fitness and coworking spaces. The financing follows a prior refinance of the first phase. Separately, a planned daytime diner operator withdrew after disagreements with the landlord; the developer is seeking alternative restaurant tenants and expects additional eateries to open soon.
Post Brothers Secures $170M Construction Loan for 431-Unit Second Phase of Piazza Alta; Gertie Diner Deal Falls Apart
A major construction loan has been secured to build the second phase of a large Philadelphia residential project, while a planned restaurant tenant has pulled out of the development. The financing and tenant news affect plans for the Piazza Alta complex in Northern Liberties and mark a significant next step for the multi-building site.
Top line
Lenders provided $170 million in construction financing for a 431-unit rental development that will serve as the second phase of Piazza Alta. The loan was originated by a national capital provider and arranged by a commercial finance intermediary. The second phase will rise at 1099 Germantown Avenue, roughly two miles from downtown Philadelphia, and is expected to be completed in 2027.
Project details and timing
The upcoming phase will consist of two residential buildings—one rising 16 stories and the other eight stories—and will offer a mix of homes from studios up to three-bedroom units. All units in this phase are slated to be available by 2027. Community amenities planned for residents include a rooftop pool, grilling stations, fire pits, a fitness center, a yoga studio, dry saunas, steam rooms and coworking spaces.
Financing context
The new construction financing follows a large refinancing completed for the project’s first phase. That earlier financing package covered the first phase building, which contains 695 apartments and significant ground-floor retail; the first phase was refinanced at approximately $312 million. The initial phase reached full lease-up of its apartments and leased its retail space within about 15 months after opening, illustrating strong demand for the completed portion of the development.
Location and neighborhood impact
Piazza Alta is part of a larger mixed-use area that transformed a former industrial block into a walkable residential district. The broader Piazza development includes multiple residential buildings, public plazas and large amenity clubs reimagined from former parking and industrial structures. Nearby transit options and proximity to central neighborhoods make Northern Liberties an attractive location for renters and retailers.
Retail and dining changes at the site
A planned outpost of a Brooklyn daytime-focused diner that had been lined up for space at Piazza Alta will no longer open there after disagreements between the restaurant’s ownership and the building landlord. The restaurant owners have described the loss as a major setback and said they invested time and capital toward opening in Philadelphia. They also reported closure of their original Brooklyn site and indicated plans to pursue a smaller comeback nearby and remain interested in opening something in Philadelphia in the future.
The developer said it is actively exploring alternative restaurant operators for the ready-to-occupy space and expects to have an operator in place later this year. Other restaurant projects tied to the development remain on track, including a pizzeria and an American grill that are slated to open imminently, both of which have a noted chef attached.
Amenities and what residents can expect
The overall Alta component already features a deep amenity package, and the second phase will continue that offering. Existing highlights include a large multi-level pool club with interconnected pools and hot tubs, expansive fitness and recovery facilities, a 10,000-square-foot indoor-outdoor co-working space, private parking, round-the-clock concierge service and a variety of unit finish palettes with premium kitchen and bath fittings. Penthouse units in the complex have previously commanded top-tier monthly rents.
Comments and next steps
Representatives for the developer and the financial intermediary did not immediately respond to requests for comment. Construction is expected to proceed under the new loan, with completion of second-phase units targeted for 2027. Meanwhile, the developer continues to seek operators for ground-floor retail and dining spaces and to refine tenancy plans for the site.
FAQ
What is the size and scope of the new construction loan?
The loan totals $170 million and will fund construction of the second phase, consisting of two buildings with a combined 431 rental units at 1099 Germantown Avenue.
When will the new apartments be finished?
All units in the second phase are expected to be completed by 2027.
What kinds of apartments will be available?
The phase will offer a mix of studios through three-bedroom units, with a range of finish options and community amenities.
What happened with the planned diner at Piazza Alta?
The planned daytime-only diner withdrew after disagreements with the landlord; the owners described the loss as significant and have said they will pursue other opportunities, including a smaller reopening nearby.
Is there other retail and dining planned for the site?
Yes. Additional food and beverage concepts, including a pizzeria and an American grill linked with a noted chef, are slated to open in the near term.
What are the larger development amenities?
The overall complex features a multi-level pool club, extensive fitness and recovery spaces, a large indoor-outdoor co-working space, concierge services and private parking, among other offerings.
Key features at a glance
| Feature | Details |
|---|---|
| Loan amount | $170,000,000 |
| Project | Second phase of Piazza Alta |
| Units | 431 apartments (studios to 3-bedrooms) |
| Buildings | Two buildings — 16 and 8 stories |
| Address | 1099 Germantown Avenue |
| Completion target | 2027 |
| Major amenities | Rooftop pool, fitness center, yoga studio, saunas, coworking spaces, grilling stations |
| First phase financing | Refinanced at approximately $312,000,000 |
| Retail update | Planned diner deal collapsed; other restaurants remain planned |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Philadelphia Inquirer: Gertie restaurant deal at Piazza Alta
- Wikipedia: Northern Liberties, Philadelphia
- Philly YIMBY: Piazza Alta introduces 695 residential units and Aqua Foro rooftop pool club
- Google Search: Piazza Alta Philadelphia
- Multifamily Dive: Philadelphia redevelopment — Post Brothers’ Piazza amenities
- Google Scholar: Post Brothers Piazza Alta
- Bloomberg: Philadelphia apartment building owner lands $312 million loan
- Encyclopedia Britannica: mixed-use development
- CoStar: Piazza Alta brings light-gauge steel technology to large apartment complex
- Google News: Piazza Alta Philadelphia
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