Philadelphia apartments head to servicing

Group 1 - The debt service coverage ratio at Storehouse Lofts was reported at 1.40x in 2024, with an occupancy rate of 87% [3] - The loan for Storehouse Lofts, a 161-unit property in Philadelphia, has been moved to special servicing after a payment default, with $28 million outstanding [6] - Average apartment rents in Philadelphia have increased by $15 year over year, but have recently decreased from a peak of $1,650 in July to $1,615 [4] Group 2 - There has been "constant turnover" at the building's 7,500-square-foot tavern, which has undergone multiple name changes and recently closed in March 2025 [4] - New deliveries in parts of Philadelphia are causing supply issues, as noted by UDR's Chief Operating Officer [5] - The property was previously known as The Fairmount at Brewerytown and was redeveloped by Spain Development Group, which sold it in 2021 [6]