Financing Secured for Residential High-Rise in Philadelphia
Radnor Property Group has landed US$142.6 million in financing for The Hamilton, a new high-rise apartment community in Philadelphia’s Center City neighborhood. The core, Class A, two-phase building will feature 576 units.
Phase I of The Hamilton, featuring a 10-story, 279-unit building with a 138-space structured parking garage, was completed in 2019.
Scheduled to be completed in 2021, Phase II will consist of a 16-story, 279-unit building on a 1.7-acre (0.7-hectare) site at 1520 Hamilton Street. It will feature 2,932 square feet (270 square meters) of retail space on its ground floor and a rooftop terrace. The address of the development is one block from the Logan Square enclave’s Broad Street corridor.
JLL arranged a US$70 million floating-rate loan from Mack Real Estate Credit Strategies (MRECS) to retire the existing construction financing. The firm also arranged that financing for the first phase of the development in 2017. In addition, JLL facilitated a US$55 million construction loan from Santander Bank and US$17.6 million in mezzanine financing, provided by MRECS, for Phase II’s development. JLL Capital Markets worked on behalf of Radnor to secure the financing.
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