TRF Financing Transactions Closed in Calendar Year 2013:$121.6 Million in 68 Transactions

  • 60th Street Corridor LP
  • Community Asset Preservation Alliance
  • Community Enterprises Corporation
  • GEDCO Homes
  • Homes for All *
  • Innova Redevelopment LLC
  • Lansing Group LLC
  • Manna Inc.
  • New Barclay Homes
  • Oasis Housing
  • Roseville Homes LLC
  • Sansom Street Development 1
  • Senior Residence at St. Peter the Apostle LLC
  • TRF DP Jackson Green

Total: 16 Transactions $18,159,726

* Multiple Transactions
Food Retail
  • Bethlehem Meat and Produce *
  • Clark Markets LLC
  • Fresh Grocer 56th & Chestnut *
  • Liberty Heights Shopping Center LLC *
  • Mallue Markets LLC
  • Newark Farmers Market Urban Renewal – Phase II
  • S & F Meat Corporation
  • SHARE Food Program
  • Vicente's Property LLC

Total: 15 Transactions $27,629,763

* Multiple Transactions
Community Facilities
  • Allegheny Reproductive Health Center Inc.
  • Cathedral Close Investors LLC *
  • Children's Village
  • Coventry House
  • Creative City Public Charter School
  • DD Energy Services
  • Discovery Support Services / Mt. Airy Transit Village Inc. / Wissahickon Charter School *
  • Gaudenzia Foundation Inc. *
  • Monarch Academy Charter School, Baltimore Campus
  • Progressive Community Health Centers Inc. *
  • Shasta Community Health Center
  • Starting Points of Hudson County Inc.
  • Stephen and Sandra Sheller 11th Street Family Health Services / Drexel FQHC Investment Fund LLC *
  • Tunbridge Public Charter School
  • Witness to Innocence

Total: 29 Transactions $70,868,254

* Multiple Transactions
Commercial Real Estate
  • 10-30 West North Avenue LLC
  • AFC First Financial Corporation
  • American Communities Trust *
  • Jubilee Baltimore *
  • Leon H. Sullivan Charitable Trust
  • University Place Associates LLC

Total: 8 Transactions $4,990,000

* Multiple Transactions

Financial Summary

TRF closed 68 financing transactions totaling $121.6 million in 2013. The following are selected financial highlights from the year.


Capital Under Management

Capital under management totaled $705 million at December 31, 2013 as compared to $672 million at December 31, 2012, an increase of $33 million. This growth reflects significant capital support from many sources including a $45 million New Markets Tax Credits (NMTC) allocation, credit enhancement for Charter School financing from the U.S. Department of Education, increased support for our real estate development business, and increases in other credit facilities, partially offset by dissolution at maturity of our private equity partnerships and early round NMTC funds.


Loans & Leases Outstanding

Loans and leases outstanding totaled $192.4 million at December 31, 2013, an increase of $11.9 million over prior year. Loan charge offs as a percentage of loans outstanding were elevated in 2010/2011 as a result of the Great Recession. Comparatively, 2012/2013 reflect a much lower level of charge offs as our loan portfolio recovered.


Consolidated Net Assets

Total consolidated net assets increased $16 million to $137 million. Significant activity impacting net assets included a $3.5 million operating surplus (operating revenue less operating expense, excluding Sustainable Development Fund and non-controlling interest), grants in support of our Fresh Food Initiatives ($3 million CDFI grant and $2 million JPMorgan Chase), a $2.1 million grant from PIDC Energyworks in support of our energy efficiency program, a $6 million U.S. Department of Education Credit Enhancement for Charter School Facilities Program grant, operating support for our core programs ($500 thousand William Penn Foundation and $600 thousand Ford Foundation), and additional support for our real estate development business ($350 thousand Community Legacy and $300 thousand Open Society). In 2013, TRF also received $1.3 million from the CDFI Fund to support financing activities in Persistent Poverty Counties (counties where 20% or more of their population lives in poverty as measured by the U.S. Census Bureau).



Each of TRF’s four business lines provided positive operating contribution margins. The following are the revenue trends.

Note: For comparative purposes, the stub period July 1, 2010 to December 31, 2010 is not presented

Financial Review Highlights

Selected Financial Data ($ in Thousands)