This Week’s Philadelphia Deal Sheet: TD Bank Launches $25M Social Impact CRE Fund For Metro Philly
TD Bank and CEI-Boulos Capital Management are teaming up to bring affordable housing, new jobs and environmentally sustainable transit-oriented developments to the Philadelphia area.
The bank is the sole investor in the $25M fund created to support low- and moderate-income communities in the city and nearby counties. The fund is in line with the federal 1977 Community Reinvestment Act, which encourages banks to meet credit needs in those neighborhoods.
The fund will focus on retail, office, multifamily housing and mixed-use projects that support nonprofits and for-profits that contribute to Main Street revitalization efforts across the region.
“TD Bank is committed to the communities we serve,” TD Senior Vice President Keith Nisbet, who leads the bank’s community capital group, said in a statement.
“This includes doing our part to create stronger, healthier neighborhoods. We believe that investments in projects that deliver critical affordable housing can also have a ripple effect in supporting job creation and strengthening our communities.”
The fund is currently establishing a social impact advisory board to oversee the investments.
PEOPLE
Alicia Karr has been named the new CEO of the Ardmore-based architecture and design firm Meyer. She's been with the company for 25 years. Karr succeeded founding partner Norman Liedtke, who has helmed the firm since 1976.
***
Philadelphia affordable housing developer Pennrose announced several C-suite changes.
Timothy Henkel was named CEO and Charlie Adams is now president. Executive Chairman of the Board Richard Barnhart and former CEO Mark Dambly transitioned out of day-to-day operations but remain active members of the board.
SALES
Fairless Hills Shopping Center at 500 Lincoln Highway in Bucks County was purchased by discount chain Ocean State Job Lot from the Klein Group for nearly $24M, the Philadelphia Business Journal reported. The strip center is currently 87% occupied.
LEASES
Leasing has begun at 2301 John F. Kennedy Boulevard, a new 22-story luxury residential tower in Logan Square. Apartments will be available starting in March.
Nancy Alperin of Maxwell Realty Co. is fielding inquiries from prospective tenants.
***
Nefco Fire Investigations has inked a 10-year, 10K SF lease at the Velocity 55 Industrial Park at 410 Andbro Drive in Pitman, New Jersey. Colliers represented the tenant, while the landlord, Velocity Venture Partners, represented itself.
CONSTRUCTION AND DEVELOPMENT
NorthPoint Development plans to build a 15-building data center complex on nearly 1,300 acres in Hazle Township, about 25 miles south of Wilkes-Barre.
Project Hazelnut, as the proposal is known, still needs to be fully approved by local lawmakers. NorthPoint hopes to carry out construction in three phases, with five buildings starting in the fourth quarter of 2026, three in Q1 2028 and seven in Q2 2029.
FINANCING
Brennan Investment Group has recapitalized its 20-building industrial portfolio in Moorestown, which is currently 96% occupied, according to a press release. The company acquired the properties in 2017.
THIS AND THAT
Lehigh Valley-based semiconductor material manufacturer Coherent could receive $79M from the U.S. Department of Commerce after it was included in one of the agency’s funding proposals earlier this month.
The CHIPS Act funding would be used to expand Coherent’s Easton facility, which would bring 360 new jobs to the city.
