Trinity Financial
- Southwark Plaza, Philadelphia, Pennsylvania
- In 2000, Trinity completed the 470-unit Southwark Plaza Mixed Finance project in South Philadelphia on behalf of the Chicago-based National Equity Fund. In 1997, after ten years of starts and stops, National Equity Fund Trinity brought Trinity Financial in to manage the project.
- Trinity managed the relocation of 214 families, the environmental remediation and demolition of over 800 units of distressed public housing on thirteen acres, the implosion of two 26 story towers, the conversion of a third tower into 165 units of elderly housing, and the new construction of 305 townhouses.
- The project’s financing relied on a $32 million tax-exempt bond issue and a “bond cap” allocation of $2.5 million in 4% tax credits. The project was also the beneficiary of a Pennsylvania sales tax exemption through an innovative installment sales mechanism, which resulted in more than $500,000 in savings to the project.
- Now known as the Courtyards at Riverview, due to its proximity to the Delaware River, under Trinity’s management, the $56 million development was completed on time and under budget, and was 100% leased within 30 days of completion.
- Type: Mixed Income Apartments Total development cost: $57 million Units: 470 Completion Date: 2000