Mosaic Development Partners and Orens Brothers Real Estate Close on Financing for Edison Square

Jan. 3, 2013 - PRLog -- Mosaic Development Partners, LLC and Orens Brothers Real Estate, Inc. have completed financing for Edison Square, marking the start of the transformation of the former Edison High School into a community shopping center and housing development.  

Orens and Mosaic are leading the long-awaited redevelopment of the school, which had become an eyesore since its closing in 2002. The $12.8-million first phase will consist of a nearly 37,000-square-foot development at 8th and Lehigh. Save-A-Lot will anchor the development with its expanded fresh produce and meat stations. Discount store Family Dollar, Burger King and Kicks will also be tenants at the shopping center. Construction is expected to take up to 18 months.

The project will create 100 construction jobs and approximately 70 full-time equivalent jobs once all the stores in the shopping center are operating. Most of the full-time jobs are expected to be filled by local residents.

The Reinvestment Fund (TRF) provided a leveraged loan of nearly $3.9 million for the project. Wells Fargo Bank and the Philadelphia Industrial Development Corporation (PIDC) provided New Market Tax Credits (NMTC), and Wells Fargo is the investor of those credits.  Pennsylvania’s Department of Community and Economic Development provided a $1.55 million Business In Our Sites (BIOS) loan and the Department of Housing and Urban Development provided $3 million in BEDI and HUD 108 grants and loans.

“We are gratified to have the full support of the federal government, the Commonwealth, and the City to bring this project to fruition.  In particular, Councilwoman Sanchez and PIDC were incredibly active in assisting with this very complicated, but important development,” said Greg Reaves, a principal of Mosaic Development Partners. “The development means jobs, removal of significant blight, and more convenient shopping options for residents.”  

Scott Orens, a partner at Orens Brothers Release Estate, recognized the importance of funding from Pennsylvania and Washington.

“We are thrilled to have gotten the necessary funding for this project.  This is one of the most complicated financial structures, especially for a project this size. Our lenders and the community believe in the importance of Edison Square,” said Orens. “It represents a unique approach to investing in a community, while developing a first-class project that will benefit the neighborhood for over the long-term.”

Orens and Mosaic purchased the property from the Philadelphia School District in June 2011.

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 focuses on Building Great Ideas, especially in communities that have been disenfranchised from significant investment in the past.  Mosaic partners with well-established developers, not-for-profit organizations and government entities to achieve success.