Counterpointe Sustainable Real Estate and Barings Announce $173 million in Full-Stack Construction Financing for Harper Square Apartment Development in Philadelphia.

STAMFORD, Conn.--(BUSINESS WIRE)--CounterpointeSRE, a respected leader in sustainable finance, announced the closing of the largest Commercial Property Assessed Clean Energy (C-PACE) to date in Pennsylvania at $60 million to fund the construction by Pearl Properties of Harper Square, a 45-story multifamily tower in the heart of Rittenhouse Square in Philadelphia, PA. The transaction represents the growing use of C-PACE by sophisticated developers as a solution for premier commercial real estate assets throughout the country.

With total financing of $173 million, CounterpointeSRE provided $60 million in C-PACE, while Barings provided a mortgage of approximately $113 million. The luxury multifamily design, offering panoramic city and river views, is being built to exceed energy code requirements, resulting in a modeled 36% reduction in building energy use. The multiple efficiency measures including building automation system controlling central building functions, air-cooled heat pumps, and energy-recovery systems.

“This successful closing of Harper Square reflects strong collaboration between CounterpointeSRE, Barings, the Philadelphia Energy Authority and Pearl Properties,” said Eric Alini, CEO of CounterpointeSRE. “By providing full-stack C-PACE and mortgage financing, CounterpointeSRE and Barings streamlined the underwriting process, reduced the weighted cost of capital, and accelerated the project's funding timeline.”

“Philadelphia and Center City’s submarket fundamentals are strong, exemplified by Pearl’s highly successful development, The Harper, 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.

About CounterpointeSRE

CounterpointeSRE operates at the intersection of commercial real estate and energy industries providing mortgage, C-PACE and other energy financial products. As a portfolio company of MassMutual, our focus is to provide one-stop sustainable finance solutions to our commercial real estate owners/operators.

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