Eastern Lofts
About the project
Mosaic Development Partners was founded in 2008 as a minority-owned boutique commercial and real estate development firm focused on medium to large-scale development opportunities with challenging financing, environmental or other impediments. Based in Philadelphia, Mosaic Development Partners looks for projects where conditions support residential or commercial development, but generally do not support straight market rate activity without some form of subsidy.
Mosaic Development Partners is headquartered in Philadelphia, PA.
LISC provided $3,050,000 in mini-permanent financing to aid in the development of the Eastern Lofts, a mixed-use redevelopment of a two-story historic structure which originally housed the American Railway Express Company. The building's ground floor will be renovated into a 6,000 square foot daycare facility and sheltered parking lot containing 42 spaces. The second floor will house 36 residential units as well as 3 commercial offices, and an office for the Strawberry Mansion CDC. The residential units will be mixed-income with 15 units restricted to residents earning 80% of AMI for 10 years, and the daycare will have space for up to 78 children.
Partner:
Mosaic Development Partners
Location:
Philadelphia, PA
Total Investment:
$3.05 million
Results:
36 units created
78 children served
10,000 sq. ft.
Project Category:
Affordable Housing
Access to Essential Services
Sub-Category:
Education
Product:
Mini-Permanent loan
Website:
UN SDGs:
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