SERVICES: REAL ESTATE DEVELOPMENT

MRS secured funding for the renovation of a 6-story former factory into 65 units of affordable senior housing. Located in the Roxborough section of Philadelphia, this project was a joint venture between two non-profit organizations: an expert in senior services and a long-term provider of quality affordable housing. The project required funding from HUD, PHFA , the Federal Home Loan Bank of Pittsburgh and the City of Philadelphia to relocate business tenants and renovate the building for housing.

The SHARE food program distributes more than 25 million pounds of food yearly within the Greater Philadelphia region from a 130,000 sq. ft. warehouse in the Allegheny West section of Philadelphia. It acts as the area agency for distributing government surplus food. However, limitations of its facility had been impacting SHARE’s ability to operate at full capacity. MRS assisted SHARE in applying for state funding through the state RACP and NAP program. In 2017, SHARE secured a $1 million RACP grant, which MRS helped SHARE utilize to upgrade the electrical system and roof of its facility.

MRS worked with Wasserman Properties to conceptualize and develop the funding model for the Frankford House, a 42-unit affordable senior housing project. MRS helped Wasserman Properties structure the financing and package financing proposals to support the project. MRS also assisted Wasserman Properties negotiate a joint venture agreement with a co-developer that brought HUD rental assistance to the project and helped advance the development.