GY Properties Secures $43M Bridge Loan for Philly Development
The property started construction in 2024.
GY Properties has obtained a $43 million refinancing loan for Residences at Pier 40, a recently completed 195-unit multifamily development located in the Northern Liberties neighborhood of Philadelphia. Basis Investment Group, a real estate debt and equity investment platform, the bridge loan, which refinances the property’s existing construction debt.
The refinancing takes the place of a $38 million loan originated by Wilmington Savings Fund Society, a bank, in 2023.
According to Yardi Matrix, Residences at Pier 40 started construction in April of last year, and the community is currently in lease-up. It offers studios, as well as one- and two-bedroom units. The community is also located within a half-mile of five transit stations.
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Common-area amenities at the controlled-access property include private balconies in some units with waterfront and skyline views, in-unit washer/dryers and kitchens with stainless steel appliances and quartz countertops. Residents have access to a rooftop terrace, a fitness center and a game room.
Philadelphia-based GY Properties, a private real estate firm, owns and manages approximately 3,800 residential units, with about 97 percent occupancy across its portfolio. Basis Investment Group has closed more than $9.2 billion in transactions in various asset classes, focusing on the U.S. middle market.
In February, Basis provided $133.5 million in financing for The Crossings at Brick Church Station, a mixed-use development in East Orange, N.J. being built by Triangle Equities and Incline Capital.
Philly multifamily attracts financing
Following two years of strong multifamily supply growth, Philadelphia’s average occupancy came in at 95.6 percent at the beginning of the fourth quarter of 2025, above the 94.7 percent national rate, according to Yardi Matrix data.
In March, Southern Land Co. secured a $145 million refi for Josephine, a 255-unit tower in downtown Philadelphia. Affinius Capital provided the loan in a deal brokered by Newmark.
In February, Brevet Capital secured a $150 million senior construction loan from Banco Inbursa to develop Wharton Piers. The mixed-use property, on the Philadelphia waterfront, will include a 620-unit residential tower.
