GY Properties Secures $43 Million Refinance From Basis Investment Group For 195-Unit Multifamily In Philadelphia

The property asset involved in the transaction is the Residences at Pier 40, a multifamily property comprising 195 units located at 933 Penn Street in Philadelphia, PA. This asset is part of a waterfront project that includes transit access and amenities such as rooftop facilities. The refinancing deal replaced a prior construction loan of $38 million with a new loan amounting to $43 million.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $43,000,000
• Address: 933 Penn Street
• Market: Philadelphia, PA
• Units: 195
• Lender: Basis Investment Group
• Landlord: GY Properties
• Loan Type: Refinance

This transaction was facilitated by GY Properties, which secured the refinancing with Basis Investment Group. The financing is aimed at supporting the lease-up process for the recently completed property in Northern Liberties.