Commonwealth Cornerstone Group announced Feb. 16 the closing of a $10.5 million NMTC transaction for the construction of a four-story building in Philadelphia. New Market West will be a 135,700-square-foot building on a 1.5-acre vacant lot. The development is a joint venture between Mission First Housing Group and Horizon House. There will be early childhood education for 130 infants, toddlers and preschoolers. The remaining space in the new building will be used for community events and ground-floor retail. In addition to NMTC financing, New Market West received a $5 million grant from the Commonwealth of Pennsylvania’s Redevelopment Assistance Capital program and tax credits from Philadelphia Industrial Development Corporation, PNC Community Partners and Cinnaire New Markets. Construction is expected to create 120 temporary full-time construction jobs and 94 full-time permanent jobs, while retaining another 263 full-time jobs.

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