Written by Mark Hostutler - Editor, American Community Journals

River Place, a 62-unit townhouse community taking shape along the Schuylkill River in Conshohocken, is transforming a previously underused stretch of Washington Street. And nearby Firstrust Bank, with its headquarters just a stone’s throw away, has been instrumental in making it happen. Firstrust provided the construction financing for the project, continuing a relationship with the developer, Progressive New Homes, that began with a previous development in Delaware County.

“They financed our Media Walk project in Nether Providence Township during COVID, which was an incredibly tough time,” said Sarah Peck, the Founder and President of Progressive New Homes who has more than 30 years of hands-on development and homebuilding experience. “We were able to sell and deliver the homes in very challenging times. And I was really happy with Firstrust’s back of house, the quickness with which they funded us, and the ease with which we could borrow.”

River Place sits on a technically demanding waterfront site that required environmental remediation, floodplain compliance, soil reinforcement, and extensive site development requirements. The complexity made having the right lending partner essential.

“It’s probably the most challenging project of any I’ve ever done in my career,” said Peck. “There are a lot of banks that can provide capital, but not every one is flexible or responsive. Joe Rago (Firstrust’s Senior Vice President of Real Estate Finance) took the time to understand the deal and worked with us to structure a loan that worked.”

Peck noted that Firstrust’s privately held status made a difference.

“Because they’re family-owned, decisions don’t get bogged down,” she said. “Joe had real authority, and when he said something could be done, it got done.”

The homes at River Place are being built in two styles. The duplex townhomes — priced in the $500,000s — have nearly sold out. The more spacious, traditionally designed townhomes, priced in the $700,000s and $800,000s, continue to sell and offer an attractive option for buyers looking for new luxury townhomes overlooking the river where much of the existing housing stock is older.

“Conshohocken hasn’t seen many new for-sale townhome developments like this,” said Peck. “There’s a strong rental market and a lot of new apartments, but very little new construction for homebuyers.”

The project is also helping to reshape the surrounding area. Before River Place broke ground, Washington Street — east of Cherry Street — was lined with vacant buildings, overgrown lots, and deteriorating road conditions. Today, it’s attracting new investment.

“We were the guinea pig, the first to take the leap,” Peck said. “And since we started, other developers have followed. Washington Street is improving visibly, and Firstrust’s support has helped make that possible.”

The bank’s connection to the project deepened when Seth Mackler, Firstrust’s Executive Vice President of Real Estate Finance, became one of the early buyers at River Place.

“That speaks volumes,” Peck said. “When someone from your lender’s leadership team chooses to live in your development, that’s a powerful endorsement.”

Learn more about how Firstrust Bank offers unmatched industry expertise, local market knowledge, and custom loan structures for builders and developers who are seeking competitive financing.