MRS can provide real estate development services for non-profit and for-profit developers. With experience and in affordable housing including Low-income Housing Tax Credit, Special Needs, and Senior Housing, we can help in structuring and identifying sources of financing for your project
Paul Marcus was responsible for securing funding for a 65 unit senior housing project in the Roxborough section of Philadelphia. Aging residents of Roxborough did not have a place to age within their community so a partnership of senior services provider (INTERAC) and senior housing developer, Friends Rehabilitation Program, Inc. jointly acquired a former mill building and secured the $9 million for redevelopment. The project, which opened for occupancy in 2005, refashioned a commercial project in a residential neighborhood removing a nuisance of truck traffic and a non-conforming use. Interac provided the senior services and Friends Rehab provided the management.
Single Family Homes
Secured funding and developed infill single family homes for the renovation of existing victorian-style homes. The redevelopment plan included restructuring large sized homes into multiple units. The infill renovations were part of a more than 200 unit redevelopent in the Belmont Neighborhood in West Philadelphia, triggered by the redevelopment of the former Women's Medical Hospital, the first teaching hospital to accept women doctors, into 87 units of senior housing.
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.