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March 10, 2017
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April 14, 2017
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Dance of Development

Managing the needs of residents as well as respecting the existing neighborhood and diversity of lifestyles that exist in a community can be a delicate dance.

We strive in earnest to be inclusive, community oriented, sensitive to the tenor and traditions in existence prior to our arrival in an area.  It is our belief that it’s the range of people, interests, local businesses, history, flavor, and culture that all contribute to a thriving neighborhood.  So we acknowledge and appreciate those differences and encourage other developers to respect that as well in their efforts to help a community grow.

That being said, Raza Properties and our tenants have been dealing with a long abandoned property in South Philadelphia that is next to on of our properties.  It is an unfortunate situation that has persisted in the face of organic, grassroots, neighbor to neighbor efforts by residents themselves.

The abandoned property has attracted illicit activities and harassment that have endangered our tenants.   Tenants who are hard working Philadelphians with everyday jobs they work to pay the rent and take care of their families.

Recently, Raza Properties’ lawyer Jared Klein and partner Paul Toner successfully argued to the Philadelphia court for the appointment of  Raza Properties to serve as conservator of the property.  What this means for the neighborhood is that we will take the responsibility to immediately address the dangerous conditions at the abandoned property.

Assuming this responsibility is a dance that must carefully done to protect residents and be responsible for cultivating a safe neighborhood environment, and yet not cross a line into a step that appears in any way, shape, or form to dance to the music of gentrification.

In this case the particular property has not been formally owned or lived in for a number of years and instead has been the scene of numerous safety concerns and we felt without hesitation that former, current, and future residents, would benefit.  This was a win for all in the neighborhood.

Still it is important for us to communicate how much thought, intentionality, and sensitivity goes into community development and the revitalization of communities from every facet.

We aren’t afraid to speak about this topic, or acknowledge the fears or developer prototypes that rightfully exist.  We are a constant work in progress and so we offer this transparency to show that the dance we do is done delicately and with all of our partners in mind.

 

 

 

KS
KS
We seek out promising development opportunities that can be acquired at a significant discount created by inefficient capital structures, event-driven distress, and asset-level difficulties. Our real estate professionals are experts at creating debt transaction structures that offer downside protection, mitigate risk, and align the interests of participating parties. Each opportunity is evaluated based on the underlying value of the asset and the risks associated with correcting the situation to unlock value. We support both the near- and long-term capital needs of the properties in which we invest. When it comes to distressed debt, high-yielding senior loans, direct equity and hybrid investments, among others our real estate professionals are seasoned experts in sourcing, analyzing, structuring and monetizing real estate investments. Their experience spans highly structured and complicated capital structures, sponsorship/management turnaround issues, divestitures, and bankruptcies.

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