Radnor Property Group Lands $142M for Philadelphia Community
- Feb 10, 2020
Radnor Property Group has landed $142.6 million in financing for The Hamilton, a new high-rise apartment community in Philadelphia’s Center City. The core, Class A, two phase building will feature 576 units. JLL Capital Markets worked on behalf of Radnor to secure the financing.
JLL arranged a $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 three years ago. In addition, JLL facilitated a $55 million construction loan from Santander Bank and $17.6 million in mezzanine financing, provided by MRECS, for Phase II’s development.
Just last week, JLL marketed Village West, a student housing community in West Lafayette, Ind., which sold to Muinzer Management.
Phase I of The Hamilton, featuring a 10-story, 279-unit building with a 143-space structured parking garage, was completed last year.
Scheduled to be complete in 2021, Phase II will consist of a 16-story, 279-unit building on a 1.7-acre site at 440 N. 15th St. On its ground floor, The Hamilton Phase II will feature 2,932 square feet of retail space. Phase II amenities are to include a rooftop terrace. The address of the development is one block from the Logan Square enclave’s swiftly expanding Broad Street corridor.
Representing the borrower as part of the JLL Capital Markets debt placement team were Ryan Ade, senior managing director; Rob Hinckley, managing director and Jim Cadranelli, senior managing director.