Debt to Equity Investor for 3939 Conshohocken Phase 1

Background
The Philadelphia Housing Authority (PHA) is the largest housing agency in Pennsylvania and the fourth largest in the nation, established in 1937 to develop, acquire, lease, and operate low-rent housing programs.

The agency serves approximately 80,000 residents across 14,000 units. PHA is seeking proposals for financing the rehabilitation of the 3939 Conshohocken project, which aims to restore 336 rental units for seniors in West Philadelphia. This project is part of PHA's mission to provide safe and affordable housing.

Work Details
The project involves the complete interior rehabilitation of an 11-story high-rise building formerly known as Brith Sholom.

The development will consist of 336 rental units: 315 one-bedroom apartments and 21 two-bedroom apartments. Of these, 271 units will serve households at or below 50% Area Median Income (AMI), with the remaining 65 units being market-rate. The project will also include several commercial spaces on the first floor and will be designed sustainably with Energy Star appliances.

The financing team must include an investor to acquire a partnership interest and lenders for construction/bridge and permanent financing.

Period of Performance
Construction is anticipated to commence in early 2027 and be completed approximately 24 months later, with lease-up completion expected by summer 2029.

Place of Performance
3939 Conshohocken Ave, Philadelphia, PA 19131.

Bidder Requirements
Respondents must demonstrate experience in providing equity to housing authority mixed-finance projects.

They must submit a financing team profile including relevant project examples. Draft commitment letters from investors and lenders are required, along with a schedule of debt and equity terms.