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| 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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