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Basis Investment Group Provides $20M Refinancing of Philadelphia Mixed-Use Development
Basis Investment Group, LLC has provided a $19.95 million bridge loan to refinance the existing debt, support the continued stabilization, and fund remaining tenant-improvement and leasing costs at Wolff Court, a four-story complex in Philadelphia, Pennsylvania.
Located at 501 E. Girard Avenue, the property is a mixed-use development built in 2020, containing 71 multifamily units and 12,660 square feet of ground-floor commercial space fully leased to The Learning Experience, and approximately 57,075 square feet of rentable area, sponsored by GY Properties in Philadelphia’s Fishtown neighborhood.
“Wolff Court represents an opportunity to support tangible impact for Philadelphia residents and communities through the provision of flexible transitional capital,” said Tammy K. Jones, Founder and CEO of Basis Investment Group. The residential component is currently 95% occupied, and its ground-floor commercial space is fully leased. GY Properties is a private real estate investment, development, and management firm with approximately 3,800 residential units at approximately 97% occupancy across its portfolio.
