Developer repays authority's loan that helped pay for Camden's only luxury apartment building

The developer of Camden's only luxury apartment building has repaid a loan from the Delaware River Port Authority that helped finance the building 12 years ago.

The DRPA said on Monday that Dranoff Properties had repaid the $3 million loan with nearly $1.3 million in interest.

The money represented a sliver of what the bridge and transit agency spent during the 1990s and 2000s on economic development work.

Under political pressure, the DRPA stopped such spending in 2011. Federal authorities have been investigating the spending.

The Camden apartment building was built in a former RCA building on the waterfront and has 341 apartments.

It was listed for sale last year. But Dranoff head Carl Dranoff tells The Philadelphia Inquirer ( ) that the company may keep it.


Information from: The Philadelphia Inquirer,