Plans to build a 36-story residential tower on the Delaware River waterfront will move forward in South Philly next year after a New York developer secured a $150 million loan for the project.
Brevet Capital closed the loan Tuesday with Spain’s Banco Inbursa to start construction on Wharton Piers, a project that will bring 620 market-rate units to the waterfront. The site at 1341 S. Christopher Columbus Blvd., between Washington Avenue and Reed Street, also will include ground-floor commercial space and a neighboring one-story building intended for retail.
“The scale of the site, its waterfront location, and the opportunity to deliver high-quality housing and retail in a supply-constrained urban market make this a compelling development,” Brevet Capital CEO Douglas Monticciolo said in a statement…