Brevet Capital Secures $150 Million Senior Construction Loan for Wharton Piers Development in Philadelphia
Brevet Capital, a leading alternative credit, specialty finance, and asset-backed finance firm, has announced the successful closing of a $150 million senior construction loan from Banco Inbursa. The financing will support the development of Wharton Piers, a large-scale mixed-use waterfront project in South Philadelphia that is poised to reshape a key stretch of the city’s riverfront.
The loan marks a significant milestone in advancing the first phase of the Wharton Piers master plan. The project will include a 36-story residential tower, a neighboring one-story commercial building, 620 market-rate apartment units, and approximately 30,800 square feet of ground-floor retail space. With construction scheduled to begin in the first quarter of 2027, the development is expected to reach completion by the first quarter of 2029. Leasing activities are projected to commence in the fourth quarter of 2028, positioning the property to meet anticipated demand in a supply-constrained urban housing market.
A Landmark Waterfront Location in South Philadelphia
Wharton Piers is strategically located at 1341 S. Christopher Columbus Blvd. along the Delaware River waterfront in Philadelphia. The site occupies a highly visible and historically industrial portion of the riverfront that is increasingly being reimagined for mixed-use residential, commercial, and recreational purposes.
A defining feature of the development is its two existing piers that extend into the Delaware River. These piers will be thoughtfully integrated into the overall design, helping to create a distinctive residential and public destination. The project aims not only to deliver new housing and retail options but also to serve as a catalyst for continued revitalization along the waterfront corridor.
The riverfront setting provides sweeping views of Downtown Philadelphia and the surrounding skyline, enhancing the appeal of the residential units while reinforcing the project’s status as a premier waterfront address.
Transformational Vision for Philadelphia’s Waterfront
Leadership at Brevet Capital emphasized the broader significance of the financing milestone. Douglas Monticciolo, Chief Executive Officer and Founder of Brevet Capital, described the closing of the loan as an important step forward in realizing the long-term vision for Wharton Piers.
According to Monticciolo, the scale of the site, combined with its prime waterfront location, presents a compelling opportunity to deliver high-quality housing and retail in an urban market where new supply remains limited relative to demand. The project is positioned to meet the needs of renters seeking modern amenities and waterfront living while also contributing to Philadelphia’s broader economic and community development goals.
Monticciolo highlighted the strength of Brevet’s collaboration with Banco Inbursa, noting that the partnership plays a key role in ensuring the project advances on schedule. The financing reflects continued investor confidence in well-located, thoughtfully designed mixed-use developments in major U.S. cities.
First Phase of a Larger Master Plan
Wharton Piers represents the initial phase of what is envisioned as a broader, multi-phase master plan for the site. Mei-Li da Silva Vint, Chief Commercial Officer and Head of the Real Assets Group at Brevet Capital, explained that the current development lays the groundwork for future expansion and additional phases over time.
The long-term plan has the potential to support substantial additional residential, commercial, and public space development. However, the immediate focus remains on executing the first phase to a high standard of quality and design. Delivering a successful initial phase is critical not only to meeting market demand but also to establishing the identity and momentum necessary for subsequent phases.
Da Silva Vint underscored the importance of creating a vibrant, publicly accessible waterfront environment that benefits both residents and the surrounding community. By prioritizing high-quality design, accessibility, and integration with public infrastructure, the project aims to create a welcoming destination rather than a standalone residential complex.
Public Infrastructure and Community Enhancements
Beyond its residential and retail components, Wharton Piers is expected to deliver meaningful public infrastructure improvements and enhanced waterfront access. The development plan includes landscaped open spaces, a reimagined public esplanade, walking trails, and thoughtfully designed piers intended to activate the riverfront.
These elements are designed to encourage public engagement with the waterfront, offering recreational opportunities and scenic gathering areas for residents and visitors alike. The revitalization of the riverfront corridor aligns with broader city efforts to reconnect communities with the Delaware River and transform formerly industrial sites into vibrant mixed-use districts.
By incorporating publicly accessible amenities and green spaces, the project aims to create long-term value not only for tenants and retail operators but also for the broader Philadelphia community.
Residential Tower and Amenity Offerings
Building A, the primary residential tower, will encompass approximately 684,600 total square feet. The structure will rise 36 stories, with 32 floors dedicated to residential use and three levels allocated for parking. The 620 market-rate apartments are expected to feature contemporary layouts and premium finishes tailored to modern urban living preferences.
Residents will have access to approximately 15,000 square feet of indoor amenity space, designed to support wellness, social engagement, and convenience. These indoor amenities are anticipated to include fitness facilities, resident lounges, coworking areas, and multipurpose spaces suitable for gatherings and events.
In addition, the development will offer another 15,000 square feet of outdoor amenity space. A standout feature will be a swimming pool with panoramic views overlooking Downtown Philadelphia and the Delaware River. These elevated outdoor areas are expected to provide a distinctive lifestyle offering that differentiates Wharton Piers from competing properties in the market.
Retail Activation and Mixed-Use Integration
Complementing the residential component will be approximately 30,800 square feet of ground-floor retail space. The retail offering is intended to serve both residents and the surrounding neighborhood, contributing to an active and walkable streetscape along Christopher Columbus Boulevard.
By integrating retail at the ground level, the project supports a mixed-use environment that enhances convenience and promotes community interaction. The combination of residential units, retail services, and accessible public spaces is designed to foster a dynamic waterfront destination that remains active throughout the day and evening.
Retail tenants are expected to benefit from the project’s high visibility, waterfront setting, and built-in residential customer base, further strengthening the long-term viability of the development.
Strengthening a Decade-Long Partnership
The collaboration between Brevet Capital and Banco Inbursa builds upon a partnership that spans more than a decade. Both organizations bring complementary expertise to the project, with Brevet leveraging its experience in alternative credit and real asset financing and Inbursa contributing institutional capital support.
The closing of the $150 million senior construction loan demonstrates confidence in the Wharton Piers vision and in the broader resilience of Philadelphia’s urban real estate market. As construction moves toward its planned 2027 start, the project stands as a significant addition to the city’s evolving waterfront landscape and a noteworthy example of strategic, large-scale mixed-use development.
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