Financing in Place for $20 million Temple University Student Housing Development

Sept. 23, 2011 - PRLog -- PHILADELPHIA - 1000 Diamond Street, LP, a limited partnership of Orens Brothers Real Estate, Inc., Mosaic Development Partners, LLC and Metamorphosis Community Development Corporation, has completed the financing for its $20 million student housing project at Temple University.

The financing is being provided by Fox Chase Bank and 3rd Federal Bank. The development team also secured nearly $7 million in private equity. The project will include student-oriented apartments and commercial space at 10th and Diamond streets.  

State Senator Shirley Kitchen, Councilman Darrell Clarke, the Redevelopment Authority of Philadelphia and the Office of Housing and Community Development were instrumental to the development project. The project supports Metamorphosis’ goal to improve the Temple area community. Groundbreaking is planned for October with completion in 2012.

“We are excited to bring this project to fruition,” said Greg Reaves, a principal in Mosaic Development Partners. “This development will help beautify a blighted area, provide highly desirable housing for Temple students and accelerate a community driven partnership to improve the area surrounding Temple.”

Diamond Green is directly across from Temple’s practice football field and adjacent to the Temple Regional Rail Station, the fourth busiest in the city. The building will consist of 126,000 square feet of mixed-use development, featuring fully furnished student-oriented apartments with balconies and kitchens, private bedrooms for every student with no more than two students per full bath.  The building will also have indoor and outdoor common areas for students, laundry facilities, 24-hour security, secure bicycle racks and limited private parking.  Plans also include 12,000 square feet of commercial space on the first floor, intended for a full-service deli and other supportive retail.

About Orens Brothers

Founded in 1979, Orens Brothers Real Estate, Inc. is a privately-owned real estate, development and construction family business headquartered in Philadelphia. Orens Brothers’ mission is to provide a quality finished project through its highly professional and expert staff in redevelopment and development in the Philadelphia region.

About Mosaic Development Partners

Mosaic Development Partners, LLC is a Philadelphia-based commercial real estate development company founded in 2008. Mosaic develops large-scale projects in both urban and suburban locations in the Mid-Atlantic region. Mosaic’s goal is to assist in revitalizing communities by partnering with well-established developers, not-for-profit organizations and government entities. Visit http://www.mosaicdp.com/ for more information.

About Metamorphosis Community Development Corporation

Metamorphosis Community Development Corporation is a not-for-profit organization founded in 2005. The local community development corporation focuses on the healthy growth and enrichment of low-income, African-American communities surrounding Temple University’s campus.

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