JLL arranges financing totaling $142.6M for The Hamilton
The two-phase, high-rise apartment building is located in Center City, Philadelphia
PHILADELPHIA, 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Radnor Property Group
Radnor Property Group of Wayne, Pennsylvania, is a leading real estate development company, which specializes in complexe urban development projects in educational and medical corridors, involving non-profit institutions in public-private partnerships. Over the past 10 years, Radnor has undertaken development projects involving 25 institutions of higher education, all in the Northeast.