The 481 CEI-Boulos Impact Fund, a partnership between TD Bank US and CEI-Boulos Capital Management, announced the closing a majority equity investment in the N. 33rd Street Redevelopment Project, which will convert the long-vacant Cornerstone Baptist Church property in North Philadelphia’s Strawberry Mansion neighborhood into 44 new units of affordable workforce housing.
The new project will consist of 29 one-bedroom units, 14 two-bedroom units, and one studio apartment. According to the companies, every unit will be rent-restricted to be affordable to families and individuals earning less than 80% of the Area Median Income (“AMI”) of Philadelphia County, and 52% of the units (23 total) will be formally income-restricted at below 80% of AMI for a period of 20 years.
The property opened in 1925 as the B’nai Jeshurun synagogue. Cornerstone Baptist Church first opened at the site in 1952, but experienced financial distress prior to the Covid pandemic. The building has been vacant for more than five years and was recently acquired by Select Redevelopment, a local development and construction management firm that will be in charge of the transition to residential units.
The 481 CEI-Boulos Impact Fund is a $25 million real estate equity investment fund managed by CEI-Boulos Capital Management, with TD as the sole investor. The fund invests in high-impact, community-supported real estate projects within the bank’s Community Reinvestment Act assessment areas in the Philadelphia metro region.
“Addressing housing affordability in Philadelphia requires practical, community-driven solutions,” said Hugh Allen, head of US commercial real estate at TD Bank US. “Through our investment in the N. 33rd Street Redevelopment Project, we’re helping bring much-needed workforce housing to Strawberry Mansion while supporting the redevelopment of a long-vacant community asset. By partnering with experienced local developers, we can help move projects like this forward and expand housing access for working families.”
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