Barings has provided a $113 million construction loan alongside $60 million in C-PACE financing from Counterpointe Sustainable Real Estate to Pearl Properties for the development of Harper Square in the Rittenhouse Square neighborhood of Center City, Philadelphia.

Harper Square, comprised of 267 luxury apartments and standing over 500 feet tall, will be the tallest apartment rental building ever constructed in the City of Philadelphia. The tower is slated to deliver in the spring of 2028.

“Philadelphia and Center City’s submarket fundamentals are strong, exemplified by Pearl’s highly successful development, The Harper, directly across the street. Harper Square stands well-positioned to benefit from the positive trends taking place in the city, and Barings is proud to be a partner in this development,” said Ryan Naumes, Managing Director with Barings.

“Harper Square represents the largest C-PACE financing to date in Pennsylvania and stands among the premier real estate assets benefitting from its highly efficient and accretive long-term capital structure,” said Eric Alini, CEO of CounterpointeSRE.