FLORHAM PARK, NJ – HFF announced today that it has arranged a $66.25 million construction loan for The Granary (top left photo), a luxury, mid-rise multi-housing development in Center City, Philadelphia’s Logan Square neighborhood.
HFF worked exclusively on behalf of the borrower, Pearl Properties, to secure the three-year construction loan through Wells Fargo Bank.
Upon completion in 2013, The Granary will have 227 one- and two-bedroom apartment homes averaging 842 square feet each, 20,654 square feet of ground level retail space and underground parking.
Community amenities will include a lobby/lounge, fitness center, library/music room, club room with terrace, business center and pet daycare center.
The Granary is located at 20th and Callowhill Streets adjacent to Whole Foods and close to the Benjamin Franklin Parkway, the historic Granary Building, Philadelphia Sports Club, The Barnes Museum and the Philadelphia Free Library.
The HFF team representing Pearl Properties was led by managing director Jim Cadranell (lower right photo)“It was a pleasure to represent Pearl Properties on this assignment to help create a first class property in one of the hottest apartment markets in the country,” said Cadranell.
Pearl Properties is a leading Philadelphia-based owner/developer of apartments, retail and mixed-use properties.
Contacts:
JAMES A. CADRANELL
HFF Managing Director
(973) 549-2000
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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