Philadelphia Multi-Family

186 Unit Multi-Family Development Opportunity Located Along the Delaware Waterfront in Philadelphia’s Fishtown Neighborhood

This single asset QOZ Fund is a 186+ luxury unit, market rate building project. The project has a expected IRR of 21.4% (levered) with equity holders paid back in full by year 3. The project has a 10 year tax abatement that enhances cash flow during holding time. Experienced developed within Phil. with over $250 million in developments. The Project offers a rare, ideally sized, CMX-3 multifamily development site on the
burgeoning Delaware River Waterfront located in the thriving Fishtown neighborhood
of Philadelphia, PA. The property is situated in a designated Opportunity Zone,
providing meaningful, long term tax benefits to the developer/investor. Additionally,
the project stands to benefit from the City of Philadelphia’s 10-year tax abatement
program, securing enhanced cash flows during the hold period.
1130 N. Delaware Avenue presents a genuinely unique opportunity in that the site is
both “Fishtown” and “Waterfront”. The Fishtown neighborhood is easily the most
vibrant and trendy neighborhood in Philadelphia. Fishtown has received national
recognition as an evolving neighborhood, ideal for millennial young professionals.
The transformation closely resembles prime pockets of Brooklyn, NY such as
Williamsburg, Greenpoint and Bushwick. Residents cite its character, communitymindedness,
and small-neighborhood feel as some of the best attributes about
Fishtown. The neighborhood is walkable, provides easy access to Center City and
offers a multitude of urban amenities including its tremendous restaurant, bar and
small business scene that have attracted new residents and rapid commercial and
residential growth.
At the same time, the proposed Project is situated on ±1.05 acres on Delaware Avenue across the street from the Delaware River and Penn Treaty Park in Fishtown. The site has
waterfront views, is less than one mile from the nearest interchanges for I-95 North/South and is a short 10-minute walk from the Girard stop on the Market-Frankford subway
line. As presented in more detail later in this memorandum, there is a development boom occurring along the Delaware waterfront that will redefine Philadelphia city-living over
the next several decades. Two notable large-scale projects are being spearheaded by nationally recognized developer/investors such as Lubert-Adler and the Durst Organization
which have made long-term investments along the waterfront.

Project Numbers

Expected MOIC of 2.8x

$48 million raise

Projected IRR 21%

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