Radnor Secures $65M for Philly Development
- Jun 29, 2017
Radnor Property Group secured $65 million in equity and debt for The Hamilton, a planned 10-story, 279-unit, luxury apartment building in Philadelphia.
HFF arranged a $48.5 million construction loan from the Santander Commercial Real Estate office in Philadelphia and another $16.5 million in preferred equity from an insurance company.
Located at 440 North 15th St., the development will be built in the previously underutilized corridor between Spring Garden and Vine Street in the popular Logan Square neighborhood. The initial 279 units will be the first of two planned phases that will go up on the 1.68-acre site.
“This collaboration between Radnor Property Group and the Community College of Philadelphia, which has provided the ground lease to the project, will bring a mix of residential and retail offerings that will serve the community at large by sustainably transforming a vacant building into a vibrant, amenity-driven hub for those who wish to live in this highly-desirable and growing neighborhood,” Dave Yeager, Radnor Property Group’s president, said.
The Hamilton will feature studio, one- and two-bedroom unit layouts and is scheduled to be completed in 2018.
HFF managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci, represented the developer in the deal.
Over the past 18 year, Radnor Property Group has worked on more than 4 million square feet of development projects valued at approximately $400 million.