There’s a good number of development projects unfolding all around us in Philadelphia. Pick an area of the city, then start listing the development projects that are popping up. Even if we just zeroed in on North Philadelphia, there are far more projects unfolding than this one article can handle. Just two weeks ago, I wrote about the challenges of getting affordable housing built in Philadelphia, and we zeroed in on the Beech Company at 15th and Cecil B. Moore and the development projects they’re working on.
It’s not easy, as Dr. Ken Scott, President of Beech Companies, described in the article published two weeks ago. However, as Ron Hinton, President of the Allegheny West Foundation, knows, with perseverance, a solid strategic plan, and some good partners, visions for rebuilding and economic development in our city can become a reality.
Here are three important development projects underway right now in the heart of the Allegheny West community of North Philadelphia.
There’s an Allegheny West Foundation Food Distribution Center that is being built at 2208 West Indiana Street that is owned by the Allegheny West Foundation.
Friday, November 8, 2024, a new development project for senior citizens became a reality. If you drive by 20th and Clearfield regularly, you’ve seen there’s construction underway for a brand new development coming to 3030 North 20th Street called The Clearfield Apartments. This 5-story apartment building is targeted for low-income seniors.
Who are the key players in this wonderful new development coming up at 2033 W. Toronto Street?
A company called Berkadia. A company called NewCourtand, and a non-profit called Allegheny West Foundation.
Berkadia announced in November of this year the financing of Clearfield Apartments, a 48-unit affordable housing property being built in the heart of the Allegheny West community. Senior Vice President Chris McGraw secured the $13.6 million Low-income Housing Tax Credit (LIHTC) equity investment on behalf of the sponsor, NewCourtland.
Once complete, Clearfield Apartments will consist of 48 one-bedroom units in one four-story elevator-serviced building serving seniors aged 62+. All 48 units will operate under a project-based rental subsidy through the Faircloth to RAD program. Clearfield Apartments will have 6 units set aside for mobility disabilities and 2 units set aside for vision and hearing disabilities. All units will be income-restricted from 20% to 50% AMI.
“Berkadia is thrilled to have partnered with the innovative team at NewCourtland to provide financing for Clearfield Apartments,” said Chris McGraw, Senior Vice President, Berkadia. “We’re honored to play a role in providing new affordable housing to seniors just three miles from our Philadelphia office.”
“NewCourtland is grateful for the work that Chris McGraw and his team at Berkadia put into securing financing for developing this new affordable senior housing community. I also want to acknowledge Ron Hinton, President of the Allegheny West Foundation (AWF), for sharing his vision with us and for their commitment to the residents of the Allegheny West community. AWF was pivotal in bringing this Low-Income Housing Tax Credit (LIHTC) development project to NewCourtland. Partners like Berkadia, Citizens Bank, Pennsylvania Housing Finance Agency, Philadelphia Housing Authority, Allegheny West Foundation, and the City of Philadelphia are vital to our mission of promoting health equity throughout Philadelphia.” Joe Duffey, CEO and President, NewCourtland.
The Allegheny West Foundation promotes economic growth in the community by increasing affordable housing availability and fostering business development. Additionally, the foundation works to revitalize industrial areas through strategic acquisitions.
“I value my long-standing partnership with NewCourtland, which supports AWF in delivering meaningful services to the community. Their investment in us also includes a new food distribution warehouse, the Panati Playground/Community Center rehabilitation, and the development of stable housing for our residents,” said Ron Hinton. “I am so excited that this idea is finally becoming a reality!”
This development is one of many initiatives happening in North Philadelphia that are occurring at the same time. Other local initiatives include a new Panati Recreation Center, being built through Philadelphia Rebuild, the city of Philadelphia and the Department of Recreation, and an Allegheny West Foundation Food Distribution Center sponsored by Allegheny West Foundation and supported by NewCourtland.
We have worked closely with our partners at NewCourtland to secure this property at 2033 W. Toronto Street. As part of our commitment to the community, this former industrial site will be transformed into a vibrant four-story, 48-unit affordable senior housing complex with additional commercial space. We anticipate welcoming residents by the end of 2025, marking a significant step towards a more inclusive and supportive community.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales, and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets. To learn more about Berkadia, please visit www.berkadia.com.
About NewCourtland
NewCourtland is a non-profit organization that provides accelerated access to coordinated health, housing, and social services for medically complex and senior residents. It also provides resources, recreation, and educational services for three senior centers, manages a 180-bed nursing home with rehabilitation care, and is a pioneer in developing innovative housing solutions throughout Philadelphia. To learn more about NewCourtland, visit https://www.newcourtland.org.
Just so you know, it was Ronald Hinton, Jr., from Allegheny West Foundation, who had the vision to take that plot of land at 2033 W. Toronto Street, which was more recently a vacant lot, always being littered with trash and debris, and turn it into something that could be utilized to bring life back into the neighborhood. It took Hinton, partnering with R. Max Kent and New Courtland, to get the ball rolling on the project. It also took support from Philadelphia City Councilwoman Cindy Bass and PA State Senator Sharif Street to make the development a reality, along with the all-important funders who infused the funding into the project.
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