The Radnor Property Group has closed on a financing package totaling $65 million in equity and debt for a multifamily development. The project, the Hamilton, is a 279-unit, luxury apartment building in Philadelphia located at 440 North 15th St. in the popular Logan Square neighborhood. It’s been designed to offer studio, one and two bedroom unit layouts which are slated for completion in 2018. Holliday Fenoglio and Fowler organized the funding with 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. HFF managing directors Ryan Ade, Rob Hinckley and David Giancola and associate director Michael Pagniucci, represented the developer in the deal.
“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,” said Radnor Property Group’s president Dave Yeager.
