Kelvin Jeremiah Of The Philadelphia Housing Authority Secures $137.5 Million Loan For Development Projects

The Philadelphia Housing Authority executed a financing package for its Westpark Redevelopment and Westlake Apartments projects, focusing on the development of a total of 1,327 mixed-income units. This includes a construction loan from M&T Bank and an unfunded forward LIHTC commitment from Freddie Mac.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $137,500,000
• Lender: Lopa Kolluri - M&T Bank; Freddie Mac
• Landlord: Kelvin Jeremiah - The Philadelphia Housing Authority
• Construction Loan Amount: $62,100,000
• Freddie Mac Unfunded LIHTC Commitment: $45,200,000
• Phase One Units: 327 mixed-income units
• Units Reserved for Returning Residents: Nearly 140
• Total Planned Units: 1,000 affordable and market-rate units
• Partners: LMXD and MSquared

This financing arrangement, which took place on March 25, 2026, highlights the strategic collaboration between the Philadelphia Housing Authority, M&T Bank, and Freddie Mac to enhance affordable housing options in Philadelphia’s market, targeting a significant development initiative.