Loan at a Glance:
PCG’s work with PIDC provides a $500,000 pari passu participation in PIDC’s $3,000,000 construction/predevelopment line of credit to HOK Community. Other CDFI participating lenders include Community First Fund, LISC, and Reinvestment Fund. In addition to the CDFI funding, this redevelopment has extensive community and city support alongside a $5,000,000 JP Morgan Chase grant and a $1,250,000 Wells Fargo grant.
Project Summary:
This subject loan supports predevelopment and preliminary construction costs related to repurposing an old textile mill into a multi-use campus with a planned LIHTC 48-unit affordable housing development and a 8,000 to 10,000 sq ft multi-tenant commercial space with a community services focus. This development’s neighborhood has a 44% poverty rate and an unemployment rate 3.5 times the national average.
Borrower Summary:
HOK Community LP, a single-asset entity, was formed by Impact Services Corporation (Impact) to complete the adaptive reuse of a 140,000 sq ft historic building. Impact, a community-based nonprofit organization, develops and implements programs to increase the quality of Philadelphia communities. Since 1974, it has helped people reenter the workforce, train for jobs, find housing, and build community.