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Radnor Property moves ahead with Center City apartment project

Radnor Property Group has begun constructing the first phase of the Hamilton, a multifamily development on North 15th Street in Center City that will house students attending Philadelphia Community College.

The first phase of the project will consist of a 10-story building with 279 apartments at 440 N. 15th St. Radnor Property has lined up $65 million in preferred equity and construction financing from Santander and an undisclosed insurance company to fund this portion of the project. Holliday Fenoglio Fowler arranged the financing. The initial phase of the project is expected to be finished next year.

“Once we have completed Hamilton one, we roll right into Hamilton phase two,” said David Yeager of Radnor Property.

At build out, the Hamilton will total $129 million and consist of two buildings — the 10-story structure now under development — and another at 16 stories that will have 210 units as well as 3,300 square feet of ground-level retail.

http://www.bizjournals.com/philadelp...nter-city.html