The loan is for a minimum of five and a half years and a maximum of 10, according to Martin Schiffman, managing director of Carl Marks and president of the partnership. It is fully guaranteed by the Delaware River Port Authority under the authority's public/private partnership with WRA. It "consolidates, extends and lowers the cost of the various elements of the debt used to assemble the site," says Schiffman.

Stage one is a 42-story, 396-unit rental apartment building. Schiffman projects a construction cost of $106 million. Without predicting a date for breaking ground, he says WRA will begin "as soon as financing is arranged." Of the rental rates in the tower, he says, "every unit will be different, but the projected rent will be between $2 and $2.50 per sf."

The initial loan "makes obtaining financing easier," he says, noting, "residential properties are hot in Philadelphia. Not only are they hot, but they are also attracting the attention of some national investors. We're talking to national investors, and we've got some interested. No one is showing us the door."