Basis Investment Group closes a $43M bridge loan for Philadelphia multifamily

The class A multifamily development is sponsored by GY Properties

PHILADELPHIA, PA — Basis Investment Group, LLC (Basis), a national commercial real estate debt and equity investment platform founded by CEO Tammy Jones, has provided a $43 million 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 located at 933 North Penn St. in one of Philadelphia’s strongest and most desirable rental submarkets. With nearly four decades in operation and $1 billion 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 3,800 residential units owned and managed at 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 Jones. “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.