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 $170M Loan for 431‑Unit Second Phase of Piazza Alta in Northern Liberties
Key point: Post Brothers has obtained $170 million in construction financing from San Antonio‑based Affinius Capital to build the second phase of Piazza Alta, a Class A multifamily project in Philadelphia’s Northern Liberties. Phase II will add 431 apartments and is expected to be finished in 2027, with some reports indicating work should wrap in about 26 months from the time of the announcement.
What the loan covers and project size
The financing supports two new buildings rising eight and 16 stories atop podiums already built during Phase I. The new mid‑rise and high‑rise structures will include a mix of studio and one‑, two‑ and three‑bedroom apartments, depending on reporting. When Phase II opens, Piazza Alta will reach a combined total of 1,126 units across both phases — adding to the 695 units delivered in Phase I.
Who arranged the loan
The Phase II construction loan was arranged by Russell Schildkraut of the lender Ackman‑Ziff Real Estate Group. Multiple sources report the debt was provided by Affinius Capital, which manages a large, diversified portfolio and reports roughly $62 billion in gross assets under management.
Site, access and surrounding area
The Phase II buildings will sit at the corner of Germantown Avenue and North Second Street within The Piazza, a 28‑acre master‑planned community that mixes housing, retail and public green space. The site offers direct access to Northern Liberties and downtown Philadelphia and sits near the elevated transit line at Girard Station on Broad Street. The development is roughly two miles from Center City.
Amenities and apartment features
Piazza Alta’s units are planned with premium finishes and in‑unit conveniences. Apartments will include stainless steel appliances, in‑unit washers and dryers, and many units will offer unobstructed views of the Philadelphia skyline and the Delaware River. Planned on‑site amenities for Phase II include a rooftop lap and lounge pool, grilling stations, fire pits, fitness and yoga centers, dry saunas and a steam room, coworking spaces and bike storage.
How Phase II connects with Phase I
Phase II will be constructed on podiums completed during Phase I and will tie into retail and amenity spaces already open to residents. Phase I consists of three buildings that range from five to 16 stories and debuted in April 2023 at 1099 Germantown Ave. That initial phase was reported to be about 97 percent leased as of June in the year following opening.
Developer background and broader pipeline
Post Brothers, led by its founding siblings, has been active in Philadelphia since 2006 and reports development of more than 30 properties comprising roughly 8,000 apartments and 700,000 square feet of office and retail space. The firm previously bought the original Piazza apartment and retail complex in 2018 and later took a controlling stake in expansion plans at the Second Street and Germantown Avenue site. Other recent or concurrent Post Brothers projects include a multi‑phase luxury project at Broad Street and Washington Avenue and multi‑site work across the city.
Market context and lending activity
The Affinius loan arrives as local construction activity has cooled from peak levels, a trend tied to high interest rates and rising building costs. A recent regional report noted that permits for new residential construction in Philadelphia fell to the lowest point since 2013. Still, Post Brothers and lenders point to continued demand for high‑quality rental housing, particularly from more affluent renter cohorts.
Affinius has been active across larger multifamily and storage markets recently, providing sizable loans and refinancings on projects in multiple cities. The firm’s strategy includes both senior and mezzanine financing for development and stabilized assets.
Local development context
The Piazza master plan has been a key element in Northern Liberties’ recent growth. The larger site includes adaptive reuse conversions and mid‑rise buildings, with several other residential projects completed or under way in the neighborhood. Phase I’s amenity offerings include an expansive pool club and large indoor‑outdoor coworking and fitness spaces, and those amenities will be supplemented as Phase II comes online.
Next steps and timeline
With financing in place, vertical construction for Phase II is expected to proceed over the coming two years, targeting full completion in 2027. The development team will continue to build above existing podiums and integrate ground‑floor retail and shared spaces into the new buildings.
FAQ
What is the size of Piazza Alta Phase II?
Phase II will add 431 apartments in two buildings that are eight and 16 stories tall, built atop podiums delivered in Phase I.
Who is financing the construction?
Affinius Capital provided a $170 million construction loan, with the financing arranged by Russell Schildkraut of Ackman‑Ziff Real Estate Group.
When will Phase II be completed?
Completion is expected in 2027, with some reports noting a construction window of about 26 months from the financing announcement.
How many total apartments will Piazza Alta have after Phase II?
Combined with the 695 units in Phase I, the full Piazza Alta development will total 1,126 apartments.
What amenities and finishes will the new apartments include?
Units will have premium finishes, stainless steel appliances, and in‑unit washers and dryers. Planned shared amenities include a rooftop lap and lounge pool, grilling stations, fire pits, fitness and yoga centers, saunas and steam rooms, coworking spaces, and bike storage.
Where is Piazza Alta located?
The development is at Germantown Avenue and North Second Street within The Piazza master plan in Northern Liberties, close to Girard Station on Broad Street and about two miles from Center City.
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Key Project Features
| Feature | Details |
|---|---|
| Developer | Post Brothers |
| Financing lender | Affinius Capital (loan arranged by Ackman‑Ziff via Russell Schildkraut) |
| Loan amount | $170,000,000 |
| Phase II units | 431 apartments |
| Total units after Phase II | 1,126 apartments |
| Building heights | Two buildings: 8 stories and 16 stories |
| Planned completion | 2027 (approximately 26 months from announcement) |
| Location | Corner of Germantown Ave & North Second St, Northern Liberties, Philadelphia |
| Apartment features | Premium finishes, stainless steel appliances, in‑unit washer/dryer, skyline and river views |
| Amenities | Rooftop lap & lounge pool, grilling stations, fire pits, fitness & yoga, dry saunas, steam room, coworking, bike storage |
| Master plan | The Piazza — 28 acres with residential, retail, public gathering spaces and central green |
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 TX News
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