HFF arranges $65 million in equity and debt for 279-unit apartment development in Philadelphia
PHILADELPHIA, PA – June 28, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story, 279-unit, luxury apartment building in Philadelphia, Pennsylvania.
HFF worked on behalf of the developer, Radnor Property Group, to arrange both construction financing and preferred equity. HFF arranged a $48.5 million construction loan from the Santander Commercial Real Estate office in Philadelphia and $16.5 million in preferred equity from an insurance company.
Due for completion in 2018, The Hamilton will consist of studio, one- and two-bedroom unit layouts. The initial 279 units will be the first of two phases constructed on a 1.68-acre site at 440 North 15th Street. The site is positioned in the Logan Square neighborhood at the northern entrance to Center City Philadelphia near multiple employers and institutions of higher learning. The site has a WalkScore® of 95 and Transit Score of 100.
The HFF team representing the developer was led by managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci.
“We are excited to be developing in this previously underutilized corridor between Spring Garden and Vine Street,” said Dave Yeager of Radnor Property Group. “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.”
About Radnor Property Group
Radnor Property Group (Radnor) is one of Pennsylvania’s leading real estate development companies with a focus on multifamily urban development and a specialty in forming public-private partnerships (PPPs) with non-profit institutions. Since its founding in 1999 by David Yeager, it has worked on more than four million square feet of development projects valued at approximately $400 million. During that time, Radnor has had ownership interest in approximately 900,000 square feet valued at approximately $210 million. The company specializes in complex urban projects involving ground lease arrangements, tax credits, public subsidy programs and brownfield projects. Radnor’s specialty in PPPs has resulted in a unique niche for the company resulting in numerous development opportunities in off-campus student housing, commercial office, childcare facilities, specialty retail and recreation centers. Radnor’s proficiency in federal and state programs has resulted in numerous urban infill development projects utilizing New Markets Tax Credits, Historic Tax Credits, state grant and low-interest loan programs.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.