Tuesday, July 18, 2017

HFF arranges $65 million in equity and debt for 279-unit apartment development in Philadelphia

Ryan Ade

 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story, 279-unit, luxury apartment building in Philadelphia, Pennsylvania.

HFF worked on behalf of the developer, Radnor Property Group, to arrange both construction financing and preferred equity.  HFF arranged a $48.5 million construction loan from the Santander Commercial Real Estate office in Philadelphia and $16.5 million in preferred equity from an insurance company.

Due for completion in 2018, The Hamilton will consist of studio, one- and two-bedroom unit layouts.  The initial 279 units will be the first of two phases constructed on a 1.68-acre site at 440 North 15th Street.

 The site is positioned in the Logan Square neighborhood at the northern entrance to Center City Philadelphia near multiple employers and institutions of higher learning.  The site has a WalkScore® of 95 and Transit Score of 100.

Rob Hinckley
 The HFF team representing the developer was led by managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci.

“We are excited to be developing in this previously underutilized corridor between Spring Garden and Vine Street,” said Dave Yeager of Radnor Property Group.

 “This collaboration between Radnor Property Group and the Community College of Philadelphia, which has provided the ground lease to the project, will bring a mix of residential and retail offerings that will serve the community at large by sustainably transforming a vacant building into a vibrant, amenity-driven hub for those who wish to live in this highly-desirable and growing neighborhood.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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