The Michaels Organization and Philadelphia Housing Authority Update and Preserve Important Affordable Housing Resource in South Philadelphia

Executives from The Michaels Organization, The Philadelphia Housing Authority (PHA) and elected city officials gathered with residents of the Courtyard at Riverview apartment community on Friday, Oct. 26, to celebrate the completion of extensive renovations undertaken there during the last 18 months.

The ceremonial grand reopening, complete with ribbon-cutting, marks the rehabilitation and long-term preservation of a critically needed affordable housing resource for seniors and families in the Queens Village neighborhood of South Philadelphia.

Located on the former site of the Southwark public housing towers, Courtyard was originally built in the 1990s and includes a 165-unit high-rise designated for seniors, as well as 305 low-rise homes for families. The kitchens of all 470 units were updated with new counters, and energy-saving appliances and all baths were renovated with new fixtures and vanities. Individual units also received new flooring. Building repairs included roofing and window replacements, modernization of the elevators, and improvements to the heating and ventilation system.

Financing for the $83 million renovations came from private equity raised through the sale of Federal Low Income Housing Tax Credits, as well as tax-exempt bonds. The tax credits were syndicated by Riverside Capital, with both TD Bank and Citizens Bank as investors. Red Capital provided the first mortgage.

Michaels Construction (previously known as Prestige Building Co.) served as the General Contractor, and Michaels Management (formerly known as Interstate Realty Management) serves as the property manager, ensuring that Courtyard at Riverview will remain a long-term asset to the neighborhood.