Mid Penn Bank Financed Brewerytown Housing Project
A new 10-home development in Philadelphia offers operators a look at financing models for publicly owned land.
Updated on Oct. 4, 2026 in Construction
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Mid Penn Bank has provided $1.9 million in construction financing for a $2.38 million housing development in the Brewerytown neighborhood of Philadelphia. The project, which involves 10 new homes, officially broke ground on September 30, 2026.
Why it matters
The development qualifies for the Community Reinvestment Act, providing a template for how lenders and developers can collaborate on affordable housing projects using public land. This model highlights the capital stack mechanics necessary for urban infill in high-cost environments.
Mid Penn Bank provided $1.9 million in construction financing for a $2.38 million total project cost, with $451,000 contributed by the Philadelphia Accelerator Fund and developer equity. The development consists of 10 homes, each measuring 1,200 square feet.
The players
Mid Penn Bank
A regional financial institution that provides commercial and construction lending services across the Mid-Atlantic.
Philadelphia Accelerator Fund
A non-profit investment organization that provides capital to support affordable housing and community development projects in Philadelphia.
Jordan Parisse-Ferrarini
The lead developer overseeing the project who manages residential construction initiatives.
The details
The development utilizes the city's Turn the Key program to transform publicly owned land into homeownership opportunities. With a projected market value of $385,000 per home and a planned sale price of $280,000, the project demonstrates a method for bridging the gap between development costs and affordable market entry points. The site is located at 1424 N. Hollywood St.
Timeline
Groundbreaking for the project occurred on September 30, 2026.
Completion of the 10-home project is expected by spring 2027.
Market Landscape
This project follows the operational guidelines set by the Philadelphia Turn the Key program to utilize city-owned lots for private-sector residential development. It reflects a broader urban trend of leveraging municipal land assets to incentivize construction in neighborhoods with rising market values.
Operators should monitor the gap between the $280,000 sale price and the $385,000 market value as a signal for potential subsidy requirements in future urban residential projects. Reviewing the terms of the Philadelphia Accelerator Fund can help developers identify similar capital partners for city-supported construction.
The takeaway
The Brewerytown project demonstrates how private developers can leverage municipal land and CRA-qualified financing to execute residential infill. Developers should track the spring 2027 completion date to assess the final construction costs versus original projections for similar small-lot developments.
Further reading
For more on local development trends, see Philadelphia Construction.
Source note: This article includes information reported by MyChesCo.
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