Philadelphia Multifamily Wrap-Up – April 2020

Affordable project lands $30 million in federal funds. Berkadia expands investment team. Read our April list of Philadelphia must-knows.
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The level of activity in Philadelphia’s multifamily sector remained low as the ongoing health crisis continued to impact the metro. While few deals closed, however, affordable housing development—largely exempted from construction restrictions—continued on some notable projects. Additionally, several companies worked to expand their rosters with key hires. Here’s our April selection of Philadelphia must-reads:

1. DEVELOPMENT – City authorities get $30 million for affordable housing.

The HUD financing will enable the Philadelphia Housing Authority to build 1,200 rental units on the site of former public housing, according to The Philadelphia Inquirer. Named the Sharswood Transformation Plan, the rehabilitation and preservation program covers an area between 19th and 27th streets and Girard and Cecil B. Moore avenues in northern Philadelphia.

2. PEOPLE – Pennrose appoints operations VP.

Christine Lacy brings 30 years of experience to her new role overseeing management assignments for properties in Pennsylvania, New Jersey, Connecticut and Massachusetts. She previously served as director of Inglis Housing Corp., providing management for communities designed for the physically disadvantaged. She also has experience in urban planning and development.

3. DEVELOPMENT – Mount Laurel affordable housing construction carries on.

Development work at Volunteers of America Delaware Valley’s 103-unit Centerton Village kicked off in November 2019, according to Yardi Matrix. Despite delays related to the coronavirus pandemic, the project is expected to deliver later this year in early autumn, according to Cherry Hill Courier-Post. Plans for the community call for one-, two- and three-bedroom units, with seven apartments reserved exclusively for veterans. Located on the corner of Centerton Road and Marne Highway, the two-building development is 14 miles from downtown Philadelphia. New Jersey Housing and Mortgage Finance Agency is backing the affordable development with $1.8 million in low-income housing tax credits.

4. PEOPLE – Berkadia names investment sales senior director.

Toby Booker has more than 20 years of real estate experience and a background that includes development and public-private projects. Previously, he had served as a vice president for The Michaels Org. Before that, he was a vice president of partnership development with the Corvias Group. The newly appointed senior director has an MBA from Pennsylvania State University.