Brevet Capital has closed a $150 million senior construction loan from Banco Inbursa to finance the development of Building A at Wharton Piers, a major mixed-use waterfront project in South Philadelphia.
The financing will support the construction of a 36-story residential tower and an adjacent one-story commercial building totaling 620 market-rate apartments and approximately 30,800 square feet of ground-floor retail space. Construction is expected to begin in the first quarter of 2027, with completion projected for the first quarter of 2029. Leasing is anticipated to start in the fourth quarter of 2028.
Located at 1341 S. Christopher Columbus Blvd., Wharton Piers is positioned as a premier mixed-use waterfront development featuring two piers extending into the Delaware River. The project is expected to deliver substantial public infrastructure improvements and enhanced waterfront access, including landscaped open space, a redesigned public esplanade, walking trails, and activated riverfront piers.
Building A will encompass approximately 684,600 total square feet, including 32 residential floors and three parking levels. Planned amenities include roughly 15,000 square feet of indoor amenity space and an additional 15,000 square feet of outdoor space, highlighted by a swimming pool overlooking Downtown Philadelphia and the Delaware River.
Brevet Capital, headquartered in New York, operates an asset-based finance strategy emphasizing downside protection through government-backed payment streams rather than corporate cash flow. Since its inception, the firm has advised and structured more than 7,000 transactions totaling over $20 billion and has maintained a more than 25-year track record partnering with U.S. federal, state, and international governments.
KEY QUOTES
“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. The scale of the site, its waterfront location, and the opportunity to deliver high-quality housing and retail in a supply-constrained urban market make this a compelling development, and we are pleased to work with Inbursa to move the project forward as scheduled.”
Douglas Monticciolo, Chief Executive Officer and Founder, Brevet Capital
“Wharton Piers represents the first phase of a larger master plan that has the potential to support significant additional development over time. Our focus is on executing this initial phase to a high standard while creating a vibrant, publicly accessible waterfront environment that will serve both residents and the surrounding community. We are pleased to collaborate again with Inbursa on this exciting project and build on our partnership over the last decade.”
Mei-Li da Silva Vint, Chief Commercial Officer and Head of the Real Assets Group, Brevet Capital
