Sunday, March 13, 2016

HFF arranges $53.426 million in equity and debt for high-rise apartment development in Philadelphia’s University City

Rendering of planned 3201 Race Street Apartments, University City Neighborhood, Philadelphia, PA

Ryan Ade

PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $53.426 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story, luxury high-rise apartment property in Philadelphia’s University City neighborhood.

HFF worked on behalf of the developer, Radnor Property Group, to arrange $18.076 million in preferred equity from a commingled fund managed by American Realty Advisors. 

In addition, HFF secured a $35.35 million construction loan for the newly-created partnership through the Santander Commercial Real Estate office in Philadelphia.

Due for completion in 2017, 3201 Race Street will have 164 one- and two-bedroom residential units averaging 680 square feet each and 13,837 square feet of ground floor commercial space, which will be occupied by childcare operator Nobel Learning Communities. 

Situated on a 0.68-acre site on the Drexel University campus, the property provides nearby access to Interstate 76, the Philadelphia Museum of Art and the 30th Street Station, which is the largest transportation hub in the region and the third busiest Amtrak station in the United States. 

Mark Thomson
In addition, the project is situated two blocks from the Innovation Neighborhood, which when complete, will add 6.5 million square feet of mixed-use space to the submarket.

The HFF deal team was led by managing director Ryan Ade and senior managing director Mark Thomson.

”HFF was very pleased to be involved in raising both equity and debt capital on behalf of Radnor Property Group,” said Ade.  “We are excited to see this project come to fruition as University City continues to attract institutional capital from around the United States.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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