Multifamily construction projects see progress in Florida, Philadelphia

Two large-scale construction plans for luxury multifamily buildings in Florida and Philadelphia are moving ahead. Alliance Residential Company recently acquired 24 acres in Coconut Creek, Fla., on which it plans to build a 396-unit luxury apartment complex, while Pearl Properties secured a three-year, $66.25 million loan for the 227-room Granary apartment project in Philadelphia. "The market fundamentals are very strong, and there is a pent-up demand for new product," said Michael Ging, Alliance Residential managing director of development for Florida.

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