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 wins $170 million construction loan for 431-unit second phase of Piazza Alta in Northern Liberties
A construction loan of $170 million has been secured to build the second phase of a major Northern Liberties apartment project. The financing will fund Phase II of Piazza Alta and will add 431 new units to the development. Work is expected to finish in 2027, with some reporting the schedule as roughly the next 26 months.
What the loan covers and who arranged it
The loan was provided by a San Antonio–based lender and was arranged by a broker working with a national real estate finance firm. The funds are dedicated to constructing two new buildings that will sit on podium structures already built during the project’s first phase.
Project scale and what will be built
Phase II will comprise two buildings rising to eight and 16 stories. Each building will offer a mix of unit sizes, including studios and one-, two- and three-bedroom apartments in some reports, while other coverage lists studios and one- and two-bedroom units. The two new structures will be built atop podiums completed during Phase I, which also include ground-floor retail space.
How Phase II fits into the overall plan
Once Phase II is complete, the entire Piazza Alta complex will total 1,126 apartments, combining the new 431 units with the 695 units already completed in Phase I. The first phase opened in April 2023 and was reported to be near full occupancy in midyear. Piazza Alta is part of a larger 28-acre master-planned community that mixes housing, retail, public gathering areas and a central green space.
Location and access
Piazza Alta sits at the corner of Germantown Avenue and North Second Street. The site offers direct access to the Northern Liberties neighborhood and is roughly 2 miles from Center City. The development is also located near an elevated transit line at Girard Station on Broad Street, providing added transit connections to downtown.
Amenities and apartment features
The Phase II buildings will continue the high-end approach of the complex. Apartments will come with premium finishes, including stainless steel appliances and in-unit washers and dryers, and many units will offer unobstructed skyline and river views. Planned resident amenities for Phase II include a rooftop lap and lounge pool, grilling stations and fire pits, a fitness and yoga center, dry saunas and a steam room, coworking spaces and bike storage.
Context and market notes
The loan arrives as the local market shows fewer new residential starts, amid higher construction costs and elevated interest rates. A recent report cited in coverage pointed out that permit levels for new residential construction have slipped to the lowest level since 2013 in the city, reflecting a broader slowdown in new supply. Nearby Northern Liberties saw strong development activity in the years before and during the pandemic, including several smaller apartment projects and larger mixed-use deliveries.
Developer background and other projects
The developer behind Piazza Alta began in Philadelphia in the mid-2000s and has since developed dozens of properties totaling several thousand apartments plus substantial office and retail space. The firm previously purchased the original Piazza apartments and retail complex in 2018 and secured controlling rights for an expansion at the corner of Second Street and Germantown Avenue in 2019. Other active or recent projects in the developer’s pipeline include a large luxury apartment project with hundreds of units and a major grocery store tenant on the ground floor.
Financier activity and size
The lender providing the Phase II construction funds manages a multi-billion-dollar portfolio across North America and Europe and has recently closed other large multifamily and commercial loans in major urban markets. Those transactions have included both senior loans and mezzanine debt on large apartment portfolios and development projects.
Timeline and next steps
With financing in hand, construction on Phase II is expected to proceed on the podiums completed in Phase I and move toward a 2027 completion target. The project will rely on continued construction progress and market conditions over the next two years to meet that timeline.
Frequently Asked Questions
What is the size of the loan for Piazza Alta Phase II?
The construction loan for Phase II totals $170 million.
How many apartments will Phase II add?
Phase II will add 431 units, bringing the full Piazza Alta to 1,126 apartments when combined with the first phase.
When is Phase II expected to be finished?
Completion is expected in 2027, with some reporting a build window of about 26 months from the time of the financing announcement.
What types of apartments will be offered?
The new buildings will include a mix of studios and one-, two- and three-bedroom units, depending on specific building layouts reported in coverage.
What amenities will the development include?
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.
Where is Piazza Alta located?
The development is located at Germantown Avenue and North Second Street in Northern Liberties, about 2 miles from Center City and near Girard Station on Broad Street.
Key project features
| Feature | Details |
|---|---|
| Loan amount | $170 million |
| Phase II units | 431 apartments |
| Total on completion | 1,126 apartments |
| Building heights | Two buildings: 8 and 16 stories |
| Unit types | Studios and one-, two- and three-bedroom units (varied reporting) |
| Apartment finishes | Premium finishes, stainless steel appliances, in-unit washers and dryers |
| Amenities | Rooftop lap/lounge pool, grilling stations, fire pits, fitness/yoga, saunas, steam room, coworking, bike storage |
| Location | Corner of Germantown Ave and North Second St, Northern Liberties — ~2 miles from Center City |
| Phase I status | Opened April 2023; 695 units; podiums and ground-floor retail already in place |
| Expected completion | 2027 (approximate; some reports cite ~26 months) |
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
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