Brevet Capital Closes $150M Loan for Philly Tower
Previous attempts to build out the waterfront site did not come to fruition.
Brevet Capital, a New York-based alternative credit, specialty and asset-backed finance firm, has secured a $150 million senior construction loan from Banco Inbursa to develop Wharton Piers, mixed-use project on the Philadelphia waterfront that will include a 36-story, 620-unit residential tower and a one-story commercial building.
The developer plans to begin construction in the first quarter of 2027, with leasing slated to start in late 2028. The project is expected for completion by the first quarter of 2029.
Known as Building A, the 684,600-square-foot tower will have 32 residential floors. At least half of the apartments will be one-bedroom units and another 35 percent will be studios, according to the Philadelphia Inquirer. The residential building will also have three levels of parking totaling 187 spaces. Another 100 spaces will be provided at a surface lot.
Additionally, Wharton Piers will have 15,000 square feet of indoor amenity space and 15,000 square feet of outdoor amenities, including a swimming pool with views of downtown Philadelphia and the Delaware River. The project will also include 30,800 square feet of ground-floor retail space.
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The mixed-use waterfront project will rise at 1341 S. Christopher Columbus Blvd. in South Philadelphia, and features two piers extending into the Delaware River. The developer will provide significant public infrastructure improvements and enhanced waterfront access including landscaped open space, a public esplanade, walking trails and piers designed to activate the riverfront.
Building and maintaining the parks and trails were part of concessions to allow density at the development. These included the ability to construct taller buildings than the area’s zoning currently allows, according to the Inquirer. The firm will also pay into the city’s Housing Trust Fund to support future affordable development.
Plans for the project
Brevet hopes to develop two more residential towers at the 8.5-acre site, according to the Inquirer. Those buildings may be taller than the initial 380-foot tower. The 20,650-square-foot retail building is taking shape at the site of another residential building.
Earlier projects planned for the site did not get off the ground. New York-based Silverstein Properties proposed two 22-story residential towers that did not materialize. K4 Associates, a Maryland-based developer, floated plans for a 280-unit apartment building that would have been the first of a 10-tower, $1.2 billion development.
Strong market fundamentals
Philadelphia continues to have strong multifamily fundamentals and was the best-performing metro in the Mid-Atlantic region on a trailing three-month basis through October, according to Yardi Matrix. The city had had two years of outstanding supply growth, with average occupancy reaching 95.6 percent in September, above the 94.7 percent national rate.
Developers completed 6,065 units, or 1.6 percent of existing stock, in the metro during the first 10 months of 2025. However, investments in multifamily properties slowed in that same period, with Philadelphia registering $760 million in transactions, down 17.4 percent year-over-year.
This year has started off strong for the Philadelphia market. In addition to Brevet receiving financing for Wharton Piers, an affiliate of Piazza Auto Group secured a $140.7 million construction loan from Bank OZK and Affinius Capital for the development of The Piazza at Ardmore, a 270-unit Class A transit-oriented community in Ardmore, Pa., a Philadelphia suburb. The five-story, 548,000-square-foot project is slated for completion in 2028. It will include 30,000 square feet of retail space.
