New York-based Brevet Capital Management has obtained a $150 million construction loan to build a 36-story residential tower on the Delaware River waterfront, writes Paul Schwedelson for the Philadelphia Business Journal.
The 620-unit apartment complex will be located at 1341 S. Christopher Columbus Boulevard in the Pennsport neighborhood of South Philadelphia. The construction loan was provided by Mexico’s Banco Inbursa.
Dubbed Wharton Piers, the project is set to start construction in the first quarter of next year, with the work expected to be finished by the first quarter of 2029. The building will include 10,150 square feet of ground-floor retail space, 15,000 square feet of indoor amenities, and a matching amount of outdoor amenity space.
The loan will also fund the construction of an adjacent retail building with 20,650 square feet of space, following the same construction timeline as the residential tower.
The project “will be transformational for Philadelphia’s waterfront,” said Brevet Capital CEO Douglas Monticciolo. “The scale of the site, its waterfront location, and the opportunity to deliver high-quality housing and retail in a supply-constrained urban market make this a compelling development.”
Read more about the residential tower plans coming to the South Philly waterfront in the Philadelphia Business Journal.
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