Reinvestment Fund provided Asociación Puertorriqueños en Marcha (APM) energy financing for the first phase of a mixed-use, transit-oriented development near Temple University in Philadelphia. Known as Paseo Verde, the project was co-developed by New York-based Jonathan Rose Companies, with Philadelphia firm Wallace Roberts Todd serving as the architect.
Literally meaning “green way,” the $48 million Paseo Verde project unites sustainable design, transit access and affordable housing. Paseo Verde is adjacent to both the Temple University campus and the Temple regional rail station, and created 67 residential units – priced to be affordable for people making 80% of the Area Median Income (AMI) – in the first phase of development. Below the housing will be approximately 30,000 square feet of space for office, retail and community facilities. The project includes a Federally Qualified Health Center, providing direct services to the community.
Reinvestment Fund’s loan funded energy-eligible measures for this phase, including an energy- efficient building envelope, a green roof and photovoltaic solar panels. The loan was provided through funds from the Pennsylvania Green Energy Loan Fund (GELF) and EnergyWorks, which Reinvestment Fund manages with the Philadelphia Industrial Development Corporation.
The first phase bears a total development cost of $32 million and received New Markets Tax Credit from four Community Development Entities; JPMorgan Chase is the equity investor.
By providing low-cost, permanent financing at a higher loan-to-value ratio than a conventional lender might offer, Reinvestment Fund filled a critical funding gap that allowed the project to proceed.