FOR IMMEDIATE RELEASE
State Rep. James R. Roebuck D-Philadelphia www.pahouse.com/Roebuck

Roebuck announces loan approvals for major redevelopment projects

HARRISBURG, July 9 – State Rep. James Roebuck, D-Phila., today announced more than $2.1 million in low-interest loans has been approved for two district construction projects through the state's Commonwealth Financing Authority.

Roebuck said the larger of the two, for $2 million, will assist in realizing the largest private investment project west of 40^th Street in West Philadelphia in decades.

Campus Realty Partners-V L.P. plans to build a 10-story, 136-suite Hilton "Homewood Suites" extended stay hotel within walking distance of the University of Pennsylvania and its hospital and the Children's Hospital of Philadelphia.

"This project will bring good results both in terms of the jobs it will generate on the site and the support it will provide to the people who need close proximity to these institutions that are so vital to Philadelphia and the entire region," said Roebuck. "This is positive for both the hospitals and the community."

The loan will have a payback period of 25 years and an interest rate of 8 percent, but the interest will only be applied to the first seven years.

Construction is expected to begin this fall with completion set for early 2012.

Roebuck said the second approved loan is to the Enterprise Center Community Development Corporation for $135,000. The funds from the Renewable Energy Program will be used in financing a geothermal heating and cooling system for a new mixed-use building in the Plaza at Enterprise Heights adjacent to the new 46th Street Elevated Market Frankford Blue Line Station.

The building will employ energy-efficient technology in design and construction. Total cost of the project is just under $17 million. Interest on the CFA loan will be just 1 percent over the loan's 10-year life.

"These are exciting in their planning and design and for the impact they will have on the community," added Roebuck."I am proud to have had a role in promoting such reinvigorating enterprises in my district."

The Commonwealth Financing Authority is an independent agency that evaluates and administers funding for projects that create jobs and invest in the state’s financial growth. To find out more about CFA programs, visit www.newpa.com.