HFF Secures $65M in Equity, Debt for 279-Unit Apartment Development in Philadelphia
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts.
HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.