Philadelphia’s MMPartners’ AF Bornot Dye Works was recently featured as a Deal Profile among ULI’s collection of best practice case studies.ULI Case Studies provide comprehensive examples of hundreds of real estate projects that are proven financially successful, including access to costs, trade-offs, the challenges faced, and the lessons learned.
AF Bornot Dye Works is a loft apartment and retail project that involved the adaptive use and restoration of three timber and concrete factory buildings north of Center City Philadelphia. The three four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels. The developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in the nearby Brewerytown neighborhood. The $10.7 million development was funded with a conventional loan, federal and state historic tax credits, a city incentive loan, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.