PCCP, LLC provided a $500-million loan to Hilco Redevelopment Partners (HRP) for the redevelopment of the former PES oil refinery in Philadelphia. The 1,300-acre South Philadelphia property, now called The Bellwether District, will be transformed into a 15-million square-foot life sciences, e-commerce, and logistics campus.
The borrower is a joint venture, led by operating partner HRP with co-investors, including Caisse de dépôt et placement du Québec, which acquired the property in 2020 out of bankruptcy and immediately embarked on a plan to redevelop the former refinery.
“This investment presented PCCP with the opportunity to provide financing to an experienced team on a very unique and generational project,” said Ryan Dodge, managing director with PCCP. “We are pleased to grow our relationship with HRP.”
The project is located three miles from Philadelphia’s Center City, four miles from Philadelphia International Airport and 5.5 miles from the Port of Philadelphia.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).