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.
First Step Staffing from Atlanta has piloted a simple but effective model to provide a first step back into employment for homeless and returning citizens in Atlanta where they serve 1000 individuals per day. In 2018 they brought that model to Philadelphia. With the participation of multiple parties, the CDFI community, homeless service providers and social investment community, helped make this occur. First Step Staffing (FSS) acquired a local labor staffing agency in Philadelphia to operate a second location of their staffing business (after Atlanta) with more on the way. FSS now controls about 600 jobs per day in Philadelphia where they will be placing the homeless clients or returning citizens, providing transportation to the sites and ensuring that they have the supports they need to stay in the job. FSS believes that earning a wage is the first step to providing a path back into society.
Marcus Reinvestment Strategies was pleased to work with 2 of our clients to make this happen. MRS underwrote the senior financing for LISC's participation of $1.2 million in the senior financing. MRS also worked with Impact Loan Fund to commit $75,000 of subordinate, social investment capital, to help create the equity-like cushion needed for the project.