PCCP announced it has 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 state-of-the-art, 15 million-square-foot life sciences, ecommerce 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. The transformation of the site includes the decommissioning of the refinery and significant demolition and remediation work, including the abatement of roughly 30,000 tons of asbestos. Redevelopment efforts initially commenced in June 2020 and substantial progress has been made to date. Site work and vertical construction are expected to commence in 2022 with the first tenants
