February 7, 2020 Comments Off on Philly High-Rise Garners $143M Financing Views: 511 National News, Northeast, Pennsylvania

Philly High-Rise Garners $143M Financing

JLL Capital Markets arranged financing totaling $142.6 million for The Hamilton, a core Class A, two-phase, 576-unit high-rise apartment building in Center City, Philadelphia.

A JLL team of Ryan Ade, Rob Hinckley and Jim Cadranell worked on behalf of Radnor Property Group. The team secured a $70-million, floating-rate loan from Mack Real Estate Credit Strategies (MRECS) to retire the existing construction financing, which the JLL team arranged in 2017 for the first phase of the development.

Additionally, JLL arranged a $55-million construction loan from Santander Bank and $17.6 million in mezzanine financing, which was also provided by MRECS, for the development of Phase II of the property.

Phase I of The Hamilton was completed in 2019, and features a 10-story building with 279 residential units and a 143-space structured parking garage. The 297-unit Phase II is slated for completion in 2021.

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