Pearl Properties Lands Loans for Philly’s Tallest Resi Tower

With construction financing in place, Pearl Properties is poised to put the tallest multifamily property in Philadelphia’s history in place.

Pearl scored $173 million in construction financing for the project at 113-19 South 19th Street in the city’s Rittenhouse Square neighborhood, Barings announced. Barings provided a $113 million construction loan for Harper Square, while Counterpointe Sustainable Real Estate provided $60 million in C-PACE financing.

Harper Square will feature 267 luxury rental units, three-quarters of which will have their own private balconies.

Most notably, the property is expected to top out above 500 feet, making Harper Square the tallest multifamily building ever constructed in the City of Brotherly Love.

“This project is not only a milestone for our company but a landmark for the city — a new icon that reflects the strength and vitality of Philadelphia’s Rittenhouse Square community,” Pearl principal Reed Slogoff said in a statement.

The C-PACE financing is the largest of its kind in Pennsylvania, according to Counterpointe.

The property is expected to be completed in the spring of 2028. The proposed development also included 30,000 square feet of commercial space, including three retail or restaurant spaces, which is not referenced in the statement about the financing.

The property at the northeast corner of 19th and Sansom streets was proposed to be 50 stories tall, according to the Philadelphia Business Journal, before the project was revised down to 45 stories. It’s directly across the street from The Harper, a 24-story building Pearl completed before the pandemic.

Pearl proposed Harper Square a year later, but spent four years in purgatory before demolishing a handful of buildings to clear the necessary site. Pearl signed a community benefits agreement that preserved three historic buildings at the site, one of which is being integrated into the design of Harper Square.

In June, Pearl Properties listed a 53-unit building at 1600 Chestnut Street near Rittenhouse Square for $25 million. The listing price breaks down to $472,000 per unit.