Ampere Capital Group has landed $24 million of construction financing to develop a mixed-use multifamily project in Philadelphia, Commercial Observer has learned.

S3 Capital supplied the loan for the developer’s six-story, 109-unit property building with 14,500 square feet of retail space at 1640 North Hancock Street in Philadelphia’s Fishtown neighborhood.

“Fishtown has become one of Philadelphia’s most sought-after neighborhoods, with a great mix of retail, restaurants, and easy access to Center City,” Steven Jemal, managing director of origination at S3 Capital, said in a statement. “The market has worked through a significant amount of new supply over the past few years, but that pipeline is starting to come down. As supply and demand move back into balance, we think the neighborhood is well positioned for the long term.”

BayBridge Real Estate Capital negotiated the debt with a team consisting of Matteo Yepes, Jay Miller, AJ Felberbaum, Noah Rothman and Spencer Miller. 

Located 2.5 miles northeast from Philadelphia’s Center City area, the 122,804-square-foot development will comprise studios, one- and two-bedroom apartments. HDO Architecture is the architect for the project, which is slated for completion in late 2027.

Ampere Capital Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.