February 6, 2020 – JLL Capital Markets announced today that it has 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.
JLL worked exclusively on behalf of Radnor Property Group to secure 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. Phase II is slated for completion in 2021 and will consist of a 16-story building with 297 residential units and 2,932 square feet of ground-floor retail. Replete with amenities, including a rooftop terrace as part of Phase II, the property is situated on a 1.68-acre site at 440 North 15th Street one block from the burgeoning Broad Street corridor in the Logan Square neighborhood. Due to its centralized location, the property has been awarded a WalkScore® of 94 and Transit Score of 100.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Director Ryan Ade, Managing Director Rob Hinckley and Senior Managing Director Jim Cadranell.