On behalf of the Local Initiatives Support Corporation (LISC) in Philadelphia, we negotiated and structured a $1 million predevelopment loan for a mixed use, mixed income development totaling 120 units of housing and 30,000 sf of commercial space. The loan, backed by partners for profit Jonathon Rose Companies & non-profit Associacion de Puertoriquenos en Marcha (APM), was structured with repayment from both the New Markets Tax Credit transaction or the Low-income housing Tax Credit project sharing the site. The project closed and the predevelopment loan was repaid in January of 2012 and will be completed in 2013.
PIDC Emerging Business Fund
The Philadelphia Industrial Development Corporation was seeking to expand its sources of funds to meet demand for more flexible loan financing. While providing community development lending at RBS Citizens Bank, a $5 million Line of Credit was structured on an unsecured basis to take advantage of PIDC’s strong balance sheet and to reduce their borrowing cost to below market rates, overall relationship pricing was utilized to meet their needs to provide flexible capital at the targeted rate.
The SHARE food program is led by Steveanna Wynn, the Philadelphia Inquirer's Citizen of the year in 2012. The organization, with a limited staff but hordes of volunteers, distributed more than 26 million pounds of food for the hungry out of their more than 100,000 sf warehouse and distribution center in North Philadelphia. We worked with SHARE to prepare their RACP application to the Commonwealth of Pennsylvania and with their extraordinary efforts and the recognition of the vital work that SHARE does, plus the support of legislators including State Senators Shirley Kitchen and Vincent Hughes, the State committed a $1 million Redevelopment Assistance Capital Program grant which enable them to stabilize their building and keep serving food banks throughout the mid-atlantic region.