CanAm Capital Partners, LLC (CACP) is pleased to announce that it successfully funded its private equity capital investment for the AF Bornot Lofts, a residential and commercial development located in Philadelphia. The closing represents the third successful collaboration between CACP, the Philadelphia Industrial Development Corporation (PIDC), and the project developer, MMPartners.
The capital was raised through CACP’s extensive high net-worth client network. “We are excited to bring another high-caliber investment opportunity to our client base,” said John Reid, Director at CACP. “The AF Bornot Lofts is a stabilized cash-flowing asset in the high demand Fairmount neighborhood. This partnership builds on our past success with MMP and will seek to achieve additional returns for our investors through a partial condo conversion following the maturity of historic tax credits later this year.”
To date, CACP has raised a total of $30 million in private equity funds for seven real estate projects across the U.S., with aggregated assets valued at $348 million.
MMPartners transformed the historic AF Bornot Dye Works building into a distinctive mixed-use property in 2016. The AF Bornot Lofts currently consists of 17 residential units, approximately 12,000 rentable square feet of ground-floor retail and 18 parking spaces. As of January 2021, the retail space was fully leased, and the residential units had a 95% occupancy rate. The conversion to condominiums is expected to be finalized in Q2 2022 with a full property sale and exit for investors planned for Q1 2026.
CanAm Capital Partners
CanAm Capital Partners is an affiliated of CanAm Enterprises. CACP’s investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. In addition to its latest real estate investment, CACP and its affiliates have invested capital in two multi-family development properties in Texas, a hotel expansion in the heart of Philadelphia, a Class-A rental development in the center of Philadelphia and the repositioning of creative office space in Atlanta – all of which have combined asset values exceeding $335 million.
MMPartners, LLC
Headquartered in Philadelphia, MMPartners is a team of experienced real estate professionals committed to the development of mixed-use, multifamily, commercial and retail real estate in some of Philadelphia’s most vibrant urban neighborhoods. Since 2001, MMPartners has been specializing in adaptive reuse and urban infill projects, particularly focusing on renovating historic Philadelphia buildings and transforming them into modern lofts and apartments. Through its dedication and vision, MMPartners strives to contribute to the development of the city’s up-and-coming neighborhoods such as Brewerytown, Spring Garden, University City, and more. To date, MMPartners has invested in over $350 million in real estate assets in Philadelphia.
Philadelphia Industrial Development Corporation
The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s city-wide economic development corporation. Over the past 60 years, PIDC has completed over 7,500 transactions with a diverse range of clients – including more than $17 billion of financing and more than 3,200 acres of land sales – which have leveraged $30 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.
CACP’s investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. In addition to its latest real estate investment, CACP and its affiliates have invested capital in two multi-family development properties in Texas, a hotel expansion in the heart of Philadelphia, a Class-A rental development in the center of Philadelphia and the repositioning of creative office space in Atlanta – all of which have combined asset values exceeding $335 million as of December 2020.