Pearl Properties Lands $173M for Philly Luxury Project
The tower is slated to be the tallest rental building in the city.
Image courtesy of Yardi Matrix
Pearl Properties has secured $173 million in construction financing for the development of Harper Square, a 267-unit luxury multifamily tower in Philadelphia. Barings provided a $113 million loan, as well as another $60 million in C-PACE financing through Counterpointe Sustainable Real Estate.
To rise more than 500 feet, Harper Square is expected to become the tallest apartment rental building in the city of Philadelphia. The development also received the largest C-PACE financing ever recorded in Pennsylvania. The project is slated for completion in spring 2028.
Harper Square will stand at 113-19 S. 19th St., in Philadelphia’s Rittenhouse Square neighborhood. The future residential property will be half a mile from City Hall, as well as within 1 mile from Interstate 76. Across the street from the development is another one of Pearl Properties’ multifamily projects, namely The Harper, a 2019-completed community featuring 167 units across 24 floors.
Philly’s pipeline lags behind
As far as new multifamily construction goes, Philadelphia positioned itself at number 18 out of the top 30 metros recorded by Yardi Matrix, with 17,069 units under construction as of April 2025. Out of the total number, 14,430 are lifestyle units, 871 fully affordable and 1,768 rental-by-necessity.
As of October, the metro saw more than 15,000 multifamily units across 87 properties under construction. During the same month, completions in the city clocked in at 1.8 percent out of the total stock, according to the latest Yardi Matrix national multifamily report. In the first six months of 2025, Philadelphia registered 2,123 units brought online, accounting for 0.6 percent of existing stock, a recent Yardi Matrix metro report shows.
