Berkadia Secures $13.6M in Refinancing for Affordable Housing Community in Philadelphia, Pennsylvania
Philadelphia, Pennsylvania – November 5, 2024 – Berkadia announced today the financing of Clearfield Apartments, a 48-unit affordable housing property in Philadelphia, Pennsylvania. Senior Vice President Chris McGraw of Berkadia Charlotte 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 two 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 Berkadia put into securing financing for developing this new affordable senior housing community. I also want to acknowledge Ron Hinton, Executive Director 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 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,” said Joe Duffey, CEO and President, NewCourtland.
AWF 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, Executive Director of Allegheny West Foundation. “I am so excited that this idea is finally becoming a reality!”