Mazzarini Real Estate Group, LLC, acting as the General Partner, acquired this 60,000 sf two story historic building in the northeast Philadelphia, Pa. bordering communities of Brewerytown and Strawberry Mansions. The approximated, $8,000,000 rehabilitation of this former garage into 11,000 sf of commercial rental space and 37 apartments marks another major step in the transformation of this neighborhood. MREG, LLC, along with Mosaic Development Partners, and Cedarcove Capital Ventures, LLC, were instrumental in securing both Historic and New Market Tax Credits to fund the project. Anthony Mazzarini, Jr. founder and President of Mazzarini Real Estate Group, LLC is responsible for overseeing all aspects of the development including Construction, Commercial Lease Agreements, Lending Agreements, Accounting and ongoing operations of the Eastern Lofts. This development demonstrates MREG, LLC’s ability to find opportunities and bring together a great team of partners to finance and construct a complicated project with multiple lenders and investors.
The scheduled construction completion is slated for spring 2016 with stabilization of the property by years end.
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