Victor Building Redo Gets $30M Financing

CAMDEN, NJ-FleetBoston Financial’s Real Estate Finance Group has arranged a construction and interim financing package totaling $30 million for the Victor Building redevelopment project at the corner of Market and Delaware Streets on the waterfront here. The former RCA Victor manufacturing facility, recently listed on both the National and New Jersey historic registry lists, is being converted to loft-style apartments and ground-floor retailing by the Philadelphia-based Dranoff Properties.

Considered a focal point for this city’s waterfront redevelopment, the 341-unit luxury residential project “will become a magnet for continued redevelopment of Camden,” says T. Joseph Semrod, chairman of Fleet’s New Jersey and Pennsylvania region. “Our participation in this project solidifies our commitment to Camden.”

Although work is already under way on the conversion project, the developer conducted its official groundbreaking ceremony here yesterday afternoon. Fleet’s financial package, joined by United Bank of Philadelphia, the Community Preservation Corp. (the New York-based organization has its New Jersey offices in Jersey City) and Wilmington Trust of Pennsylvania, is said to be the largest private financing on a residential development in Camden.