PHILADELPHIA – 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. 

Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $53.175 million for the development of The Bradley, a mixed-use residential and retail property in Miami’s Wynwood neighborhood.

Working on behalf of the developers, a partnership between The Related Group and Block Capital Group, the HFF team secured a $33.175 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners, L.P.

The Bradley is situated in the southeast end of Wynwood and is walkable to the neighborhood’s main retail strip on NW 2nd Avenue.  The mid-rise development is designed by Kravitz Design and will comprise 175 residential units along with approximately 32,000 square feet of ground-floor retail space.  Residential units will range from 480 to 1,000 square feet in a mix of one-, two- and three-bedroom floor plans.  The project is located at 51 NW 26th Street proximate to Wynwood 25, which is also being co-developed by The Related Group.  HFF sourced construction funding for that project in May of last year.

The HFF debt placement team included senior director Scott Wadler and associate Jesse Wright.

“The Bradley, along with Related’s other Wynwood properties, are a preview of what’s coming to the neighborhood,” said Jon Paul Perez, vice president for The Related Group.  “For a long time, Wynwood was seen simply as a weekend destination, but now the influx of high-quality residential and mixed-use options is driving the community’s transition into a true 24/7 neighborhood.  We look forward to continuing work with our partners to help the neighborhood reach its full potential.”

“The Bradley’s central location between Wynwood and Midtown will further connect and densify the neighborhoods,” Wadler said.  “We are excited to see how Wynwood evolves as the first institutional-quality apartments are delivered in the area.”