AF Bornot Dye Works is a loft apartment and retail project that involved the adaptive use and restoration of three timber and concrete factory buildings north of Center City Philadelphia. The three four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels. The developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in the nearby Brewerytown neighborhood. The $10.7 million development was funded with a conventional loan, federal and state historic tax credits, a city incentive loan, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.
Jolene’s First Cousin is a two-story, 6,600 square foot retail and residential building in Portland, Oregon with three small retail spaces, two one-bedroom apartments, and 13 bedrooms leased to a transitional housing service provider. Its equity investors, both accredited and unaccredited, accepted a lower current return in order to contribute to the building’s social mission.
AF Bornot Dye Works is a loft apartment and retail project in central Philadelphia that involved the adaptive use and restoration of three timber and concrete factory buildings. Located along Fairmount Avenue, one mile north of Philadelphia’s City Hall, the surrounding Art Museum area is one of Philadelphia’s hottest submarkets, accounting for one-fifth of Center City’s new housing in 2015. The four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels, which has been preleased to neighborhood-serving tenants. In undertaking the project, developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in nearby Brewerytown. The $10.7 million development was funded through a combination of conventional loans, federal and state historic tax credits, city incentives, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.
