Brevet Capital has closed a $150 million senior construction loan from Banco Inbursa to support a major mixed-use project at Wharton Piers in South Philadelphia. The financing will back the development of a 36-story residential tower alongside a one-story commercial building on the Delaware River waterfront.
The Wharton Piers project is located at 1341 S. Christopher Columbus Blvd. in South Philadelphia and is planned as a large-scale residential-led development with ground-floor retail. The residential component is expected to include 620 market-rate apartments. At the street level, plans call for approximately 30,800 square feet of retail space, positioning the site as both a living and shopping destination along the waterfront.
Construction is scheduled to begin in the first quarter of 2027, with delivery of the project targeted for the first quarter of 2029. Leasing activity is expected to start ahead of full completion, with a planned leasing launch in the fourth quarter of 2028. This staged timeline allows for pre-leasing and tenant commitments while construction nears completion.
The development incorporates two piers extending into the Delaware River, integrating the project with the surrounding waterfront. In addition to the private improvements, the scheme is expected to deliver significant public infrastructure enhancements and improved waterfront access, aligning the project with broader efforts to activate and connect Philadelphia’s riverfront.
Commenting on the loan closing, Douglas Monticciolo, Chief Executive Officer and Founder of Brevet Capital, described the financing as an important milestone for the Wharton Piers development. He noted that the completion of this transaction underscores ongoing momentum behind a project that is anticipated to play a meaningful role in the continued evolution of Philadelphia’s waterfront.
The combination of a sizable senior construction facility from Banco Inbursa and a large pipeline of market-rate units and retail space highlights a substantial commitment of capital to South Philadelphia’s waterfront corridor. As Wharton Piers advances toward its planned 2027 construction start, the project stands out as a multi-year, mixed-use investment anchored by new residential density and activated ground-floor retail space.
