Basis Investment Group Secures $43M Refinancing for Newly Built Philadelphia MF
Basis Investment Group has provided a $43 million bridge loan to refinance the existing construction loan supporting the lease-up of the Residences at Pier 40. The subject property is a newly constructed, 195-unit multifamily development sponsored by GY Properties on the Delaware River waterfront in Philadelphia’s Northern Liberties neighborhood.
The Residences at Pier 40 is strategically located at 933 North Penn Street. “Our involvement in the Residences at Pier 40 offers a unique opportunity to invest in a Class-A asset with strong cash-flow potential in one of the region’s most sought-after submarkets,” said Tammy K. Jones, Founder and CEO of Basis Investment Group. “We’re proud to have partnered with GY Properties, an established and well-respected borrower with generations of expertise and success in the local market.”
The property meets a growing demand for housing in the region, offering convenient access to Philadelphia’s Center City district, along with historic cultural and academic institutions, green space, transit, entertainment, and dining options.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout