WSFS Helps Civetta Property Group Close $3M Construction Loan for Affordable Housing
running-a-business | Read Time: 3 minutes
By Rebecca Acevedo | Published: January 2023
Our Commercial Banking team joined our partner Civetta Property Group onsite on Monday, December 12 for the groundbreaking of its new “Turn The Key” development. The Turn The Key program will help facilitate the sale of 1,000 new, energy-efficient, 3-bedroom, 1½-bath homes on publicly-owned City of Philadelphia land. Civetta Property Group broke ground on the first group of 25 homes, which will be built in Grays Ferry at 30th & Wharton Streets.
“To have this opportunity to truly make an impact in the community in which we live is a gift,” said Brennan Tomasetti, owner and founder, Civetta Property Group. “We’re thrilled to be part of the program and we look forward to bringing a great deal of affordable housing to the City of Philadelphia.”
“This is our third project that we’ve partnered on with Civetta Property Group, and it has been a good partnership,” said Malina B. Robbins, SVP, Commercial Real Estate, WSFS Bank. “I feel lucky to be supporting a project that’s giving back and to have a workforce housing project in the portfolio means a lot.”
“We’ve been developing affordable housing for years. This is our third project working with WSFS and they have been a great financial partner. They understand what we are building and they have been with us every step of the way,” said Doug Fath, Partner, Civetta Property Group. “A lot of banks don’t want you to build all the homes at once, but with the mandates that the City gives, you have to build these all at the same time and a lot of banks sometimes don’t want to take that risk. WSFS has been understanding, there were things we worked on together, and we’ve been able to work it out so that we can push out these affordable homes as soon as possible.
About the Author – Rebecca Acevedo
Rebecca Acevedo is Senior Vice President, Director of Corporate Communications at WSFS Bank, where she leads corporate communications, including public relations and social media. She holds a bachelor’s degree from LaSalle University and a master’s in corporate communication from Rowan University.
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