Residential development at 537 W. Drummond secures financing

A $29 million construction loan has been secured for a residential development located at 537 W. Drummond. Planned by Moyer Properties, the construction loan from lender Principal Financial will allow for the development to move forward, replacing the parking lot behind the Covent Hotel at the corner of W. Drummond Pl and N. Lehman Ct.

Designed by ParkFowler Plus, formerly Brininstool + Lynch, the seven-story residential building will stand 80 feet tall. Planned as a residential-only building, it will deliver 84 new market-rate units, split into 12 studios, 54 one-beds, and 18 two-beds. Since the project’s approval predates the ARO, the project does not require affordable units, but the developer is including two affordable units. 

Encased in a brick cladding with an aluminum window system, the facade will be interrupted with balconies inset at the corners along W. Drummond Pl and hanging off the rear elevation. On the ground floor, the residential lobby and amenity space will front W. Drummond Place with 84 bike parking spaces included. 52 car parking spaces will be included on the site, with most inside an interior parking garage on the ground floor.

With Summit Design & Build serving as general contractor, construction is expected to begin imminently. According to reports from Crain’s, the project is expected to open in March 2026.\