Barings and Counterpointe Sustainable Real Estate Provide $173 million in Construction Financing for Harper Square Apartment Development in Philadelphia’s Rittenhouse Square Neighborhood

CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world’s largest diversified real estate investment managers, announced today that it 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.

“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, comprised of 267 luxury apartments, with an unprecedented 75% of units featuring private balconies will provide residents with sweeping views of Rittenhouse Square, Center City, and beyond. At over 500 feet tall, Harper Square will be the tallest apartment rental building ever constructed in the City of Philadelphia. Designed with a focus on high-end living, the project continues Pearl Properties’ tradition of delivering premier residential experiences in Philadelphia’s most sought-after neighborhoods.

“Pearl Properties has been proud to shape the fabric of Center City through luxury developments that stand the test of time,” said Jim Pearlstein. “This project is not only a milestone for our company but a landmark for the city—a new icon that reflects the strength and vitality of Philadelphia’s Rittenhouse Square community,” added Reed Slogoff.

The tower is slated to deliver in the spring of 2028, coinciding with Philadelphia’s booming growth and its position as a global stage during the nation’s 250th anniversary celebrations in 2026.

“This transaction is the direct result of close collaboration between CounterpointeSRE, Barings and Pearl Properties,” said Eric Alini, CEO of CounterpointeSRE. “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."

This financing expands Barings’ $25.6+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate in strategic locations in North America and Europe.

About Barings

Barings is a $470+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees, and is committed to sustainable practices and responsible investment.

*Assets under management as of September 30, 2025

About Counterpointe Sustainable Real Estate

Counterpointe Sustainable Real Estate (CounterpointeSRE), a MassMutual portfolio company, provides financing solutions that integrate commercial real estate and clean energy. Specializing in Commercial Property Assessed Clean Energy (C‑PACE) financing, CounterpointeSRE helps property owners reduce carbon emissions and improve building resiliency. CounterpointeSRE has financed billions in sustainable improvements nationwide, including providing Pennsylvania’s largest-ever C‑PACE loan for the Harper Square development.

About Pearl Properties

Pearl Properties, privately held and located in Center City, Philadelphia, has acquired and/or developed more than one billion dollars of core real estate in Philadelphia’s premier locations. During the past 25 years of substantial growth, Pearl has established itself as Philadelphia’s preeminent private developer/owner of residential assets, with a consistent track record of acquiring, entitling, building, and leasing assets on time and on budget. Today, Pearl owns and manages more than 50 holdings in the heart of Center City, Philadelphia.