Basis Investment Group has originated a $43 million bridge loan to refinance the construction financing on the Residences at Pier 40, a newly built multifamily community on the Delaware River waterfront in Philadelphia. The new loan supports the lease-up phase of the asset, replacing the existing construction debt while the property continues to stabilize. The sponsor for the project is GY Properties.
The Residences at Pier 40 is a 195-unit multifamily development located at 933 North Penn Street in Philadelphia’s Northern Liberties neighborhood. The property is described as a Class-A asset, and Basis Investment Group views it as offering strong cash-flow potential within a highly sought-after submarket in the region. The loan proceeds are being used to refinance the construction loan tied to the development, providing bridge capital during the initial leasing period.
Tammy K. Jones, Founder and CEO of Basis Investment Group, noted that the firm’s involvement in the Residences at Pier 40 reflects an opportunity to invest in a high-quality multifamily property in a competitive riverfront location. She also emphasized the firm’s collaboration with GY Properties, describing the sponsor as an established and well-regarded borrower with deep experience and a track record of success in the local market.
The Northern Liberties neighborhood, where the Residences at Pier 40 is situated, offers proximity to Philadelphia’s Center City district. The property benefits from access to a range of historic, cultural, and academic institutions, as well as nearby green space, transit connections, entertainment, and dining options. This connectivity is positioned as an important driver of demand for new housing in the area.
According to the announcement, the Residences at Pier 40 is intended to help meet growing residential demand in the broader region. The combination of waterfront positioning, access to Center City, and surrounding amenities is cited as a factor supporting the property’s lease-up efforts. The bridge refinancing from Basis Investment Group is structured to carry the asset through this early operational phase as it moves toward stabilized occupancy.
The transaction underscores the role of specialized lenders in providing bridge capital for newly delivered multifamily projects that have transitioned from construction to initial lease-up. By refinancing the original construction loan, Basis Investment Group is enabling the sponsor to extend the property’s runway during a key phase in its lifecycle, while retaining flexibility as leasing progresses. The relationship between Basis Investment Group and GY Properties is framed as a partnership grounded in the sponsor’s long-term presence and knowledge of the Philadelphia market.
