Brevet Capital announced the closing of a $150 million senior construction loan from Banco Inbursa for the development of a 36-story residential tower and a neighboring one-story commercial building at Wharton Piers.
Wharton Piers is a mixed-use waterfront project located at 1341 S. Christopher Columbus Blvd. in South Philadelphia. Construction is expected to begin in the first quarter of 2027, with completion projected for the first quarter of 2029 and leasing to commence in the fourth quarter of 2028. The development will comprise 620 market-rate apartments and approximately 30,800 square feet of ground-floor retail space.
The development features two piers extending into the Delaware River and is expected to provide significant public infrastructure improvements and enhanced waterfront access. “Closing this financing is an important milestone for the development of Wharton Piers and reflects continued momentum behind a project that we believe will be transformational for Philadelphia’s waterfront,” said Douglas Monticciolo, Chief Executive Officer and Founder of Brevet Capital.
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