Kensington Commons (A & Indiana) Mixed-Use Campus Redevelopment
This subject loan supports predevelopment and preliminary construction costs related to repurposing an old textile mill into a multi-use campus with a planned 48-unit LIHTC affordable housing development and an 8,000-to-10,000 square foot, multi-tenant commercial space with a community services focus. The neighborhood has a 44% poverty rate and an unemployment rate 3.5 times the national average.
Loan Purpose: Predevlopment and construction
Project: Affordable rental housing and commercial real estate
Borrower: HOK Community LP, a single-asset entity, was formed by Impact Services Corporation (Impact) to complete the adaptive reuse of a 140,000 square foot 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.
Loan Details: Partners' 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 the 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.