Brevet Capital Closes $150 Million Senior Construction Loan for Wharton Piers Development in Philadelphia

NEW YORK--(BUSINESS WIRE)--Brevet Capital (“Brevet”), a leading alternative credit, specialty finance and asset-backed finance firm, today announced the closing of a $150 million senior construction loan from Banco Inbursa (“Inbursa”) for the development of a 36-story residential tower and neighboring one-story commercial building, comprising 620 market-rate apartments and approximately 30,800 square feet of ground-floor retail space at Wharton Piers. Construction is expected to begin in the first quarter of 2027, with completion projected for the first quarter of 2029 and leasing to commence in the fourth quarter of 2028.

Wharton Piers is a premier mixed-use waterfront project located at 1341 S. Christopher Columbus Blvd. in South Philadelphia. The development features two piers extending into the Delaware River and is expected to provide significant public infrastructure improvements and enhanced waterfront access, including landscaped open space, a reimagined public esplanade, walking trails, and inviting piers designed to activate the riverfront.

“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,” said Douglas Monticciolo, Chief Executive Officer and Founder of Brevet Capital. “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.”

Mei-Li da Silva Vint, Chief Commercial Officer and Head of the Real Assets Group for Brevet Capital, added, “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.”

Building A will span approximately 684,600 total square feet and include 32 residential floors and three levels of parking. Residents are expected to have access to high-end amenities, including approximately 15,000 square feet of indoor amenity space and an additional 15,000 square feet of outdoor areas, featuring a swimming pool with sweeping views of Downtown Philadelphia and the Delaware River.

About Brevet Capital

Headquartered in New York, Brevet Capital applies an asset-based finance strategy that emphasizes downside protection through a reliance on government payments verse corporate cashflow. Brevet Capital originates and structures customized financing solutions that facilitate borrower growth initiatives that benefit from participation in government economic and innovation-based development programs. Since its inception, Brevet Capital has advised and structured over 7,000 transactions and over $20 billion. Brevet Capital has a more than 25-year track record of partnering with U.S. federal, state, and international governments to provide unique financing solutions. For more information, please visit www.brevetcapital.com.