
PCCP Lends $500M on Massive Philly Redevelopment
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.
- ◦Development
- ◦Financing