The property asset involved in this transaction is a development site located at 113-19 South 19th Street in Philadelphia, consisting of 267 units. The market for this asset is Philadelphia, and it is set to become a luxury residential tower with plans for 75% of its units to feature private balconies. The construction loan amount is $173,000,000 with construction expected to be completed by spring 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $173,000,000
• Address: 113-19 South 19th Street
• Market: Philadelphia
• Units: 267
• Lender: Eric Alini - Counterpointe Sustainable Real Estate
• Lender: Ryan Naumes - Barings
• Landlord: Reed Slogoff - Pearl Properties
• Landlord: Jim Pearlstein - Pearl Properties
• Loan Type: Construction

Barings provided a $113 million construction loan along with $60 million in C-PACE financing from Counterpointe Sustainable Real Estate to Pearl Properties. This financing supports the development of Harper Square, which is projected to be the tallest rental apartment tower in the city at 500 feet.