Basis Investment Group, LLC, (Basis), a national commercial real estate debt and equity investment platform founded by CEO Tammy K. Jones, has provided a $43M bridge loan to refinance the existing construction loan supporting the lease-up of the Residences at Pier 40. The subject property is a newly constructed, 195-unit Class-A multifamily development sponsored by GY Properties on the Delaware River waterfront in Philadelphia’s Northern Liberties neighborhood.
The Residences at Pier 40 is strategically located at 933 North Penn Street in one of Philadelphia’s strongest and most desirable rental submarkets. With nearly four decades in operation and $1B in assets under management, the property’s sponsor, GY Properties, a private real estate investment, development, and management firm, boasts a deep local expertise of the market with approximately 3,800 residential units owned and managed at approximately 97% occupancy across its portfolio.
“Our involvement in the Residences at Pier 40 offers a unique opportunity to invest in a Class-A asset with strong cash-flow potential in one of the region’s most sought-after submarkets,” said Tammy K. Jones, Founder and CEO of Basis Investment Group. “We’re proud to have partnered with GY Properties, an established and well-respected borrower with generations of expertise and success in the local market.”
The property meets a growing demand for housing in the region, offering convenient access to Philadelphia’s Center City district, along with historic cultural and academic institutions, green space, transit, entertainment, and dining options. Resident amenities include private balconies in select units with waterfront and skyline views, in-unit washer/dryers, gourmet kitchens with stainless steel appliances and quartz countertops, along with covered parking, fitness center, game room, and controlled building access.
Basis Investment Group is a full-service commercial real estate investment platform investing across the capital stack of stabilized, transitional, and development CRE assets throughout the United States. With representation in New York, Chicago, Dallas, D.C., Tampa and Irvine, CA, Basis has successfully closed more than $9.2 billion in transactions across multiple strategies and asset classes focusing across the US middle market.
Basis, a certified Minority and Woman-Owned Business (MWOB), focuses primarily on investments in the middle market where it has deep relationships. Basis is a registered investment advisor and lender that invests in both debt and equity strategies including fixed-rate senior mortgage loans, bridge loans, mezzanine loans, preferred equity, structured equity, JV equity and CMBS B-piece investments. Basis is also a licensed Optigo® lender for Freddie Mac and a DUS® lender for Fannie Mae.
