FLORHAM PARK—HFF has arranged a $66.25 million construction loan for The Granary, a luxury, mid-rise multihousing development in Center City, Philadelphia’s Logan Square neighborhood.
HFF worked exclusively on behalf of the borrower, Pearl Properties, to secure the three-year construction loan through Wells Fargo Bank.
Upon completion in 2013, The Granary will have 227 one- and two-bedroom apartment homes averaging 842 sq. ft. each, 20,654 sq. ft. of ground level retail space and underground parking. Community amenities will include a lobby/lounge, fitness center, library/music room, club room with terrace, business center and pet daycare center. The Granary is located at 20th and Callowhill Streets adjacent to Whole Foods and close to the Benjamin Franklin Parkway, the historic Granary Building, Philadelphia Sports Club, The Barnes Museum and the Philadelphia Free Library.
The HFF team representing Pearl Properties was led by managing director Jim Cadranell.