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Architecturally Stunning Building Completed by Brown Hill Development
Freddie Mac Financing Helped Developer Meet Goals
With views of the Philadelphia skyline and the Delaware River, the property on Race Street in the Old City neighborhood had the potential to be a highly attractive location for a new apartment community when the sponsor, Brown Hill Development, acquired it in 2001. In 2017, the sponsor completed the architecturally stunning 145-unit building that takes full advantage of the location and the views.
Amenities such as LEED Gold certification, a co-working lounge, an expansive sustainably landscaped terrace — including six private barbecue areas on the fifth floor, 24-hour concierge, and underground parking/car share/car charging stations are unique to the property and enhance the property’s competitiveness. Four commercial spaces on the ground floor offer approximately 13,000 square feet of fully leased space with exciting local and national retailers.
PNC Real Estate’s experience with Freddie Mac resulted in a financing structure that allowed Brown Hill to pay off their construction loan earlier than a typical permanent financing, by closing the permanent financing prior to full stabilization. The property sets aside 10% of its units for households earning up to 80% of market incomes, the first multifamily building in Philadelphia to do so under the City’s zoning incentive program. In a highly competitive environment, PNC delivered a $45 million, 11-year permanent loan on the high rise.
Bridge on Race was PNC’s second deal with the sponsor, after closing a loan in 2017 for a multifamily property in New York City.
In discussing the relationship with PNC, Jeffrey Brown of Brown Hill Development noted, “As my partner, Kim Frank, and I always say, one never gets to the second deal by accident. It was a pleasure to work with PNC’s experienced and effective team, once again. From initial underwriting through closing during a lease-up, they were professional, responsive and able to execute on schedule.”
Photo by Philly By Drone
Date: June 2018
Location: Philadelphia, Pennsylvania
Financing Amount: $45 million
Financing Type: Freddie Mac lease-up
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