$30 Million Loan lined up for Bala Cynwyd development
Cross Properties has secured a $30 million loan to begin construction of an apartment development in Bala Cynwyd, Pa.
The project at 10 Union Ave. at North Bala Avenue will be called the Kelly after Philadelphia native and actress Grace Kelly. The project will total 140,000 square feet over four levels and have 109 apartments. A 9,000-square-foot roof deck will be among the amenities built into the design.
The Kelly will be the first of three developments Cross Properties plans to undertake as it looks to transform Bala Avenue and activate it with more residential and retail development.
The other two projects are: One Cynwyd, which will have 74 apartments along with 7,000 square feet of ground-floor retail space; and 202 Bala, which will have 86 residential units and 6,650 square feet of ground floor retail space along Bala Avenue. Both of those projects are going through the local approval process.
Beneficial Bank was the lender on the Kelly, which is expected to be completed in the first quarter of 2019.