Latest news with #NorthernLiberties
CBS News
24-07-2025
- Business
- CBS News
Northern Liberties Night Market in Philadelphia was canceled. Organizers say they can't afford city's rising costs.
Sip, savor and stroll down North 2nd Street: That's what organizers say the Northern Liberties Night Market is all about. It's free, family-friendly and filled with dozens of vendors. It was supposed to happen Wednesday night but was canceled after organizers said they couldn't afford the city's rising costs. "We've been waiting for a Hail Mary that kind of never came," said Owen Kamihira, owner of El Camino Real in Northern Liberties. Kamihira helps plan the festival. He said in previous years they could afford it, but recently the price for sanitation, police and other costs has skyrocketed and they can't swing it this summer. Organizers said they want a partnership with the city. They hope to work together to continue to keep the Night Market going. "This is, you know, kind of a perfect example of their Open Streets initiative that they've been trying to pull off. We're not actually asking the city to pay for this; we're actually asking for a partnership," he said. "This is just one of a handful of times a year we try to do anything on the street, and we're just getting priced out of it," said William Reed, co-owner of Standard Tap. Organizers are hopeful for the September event that's right around the corner. "Our hope is that we can land on a fixed fee with the city. ... We were able to negotiate the 2nd Street Festival, which we also do," Kamihira said. CBS News Philadelphia reached out to the city, and we are still waiting to hear back.
Yahoo
10-06-2025
- Business
- Yahoo
Northern Liberties and Equity Resource Investments Acquire Arbor Crest, Expanding Affordable Active Adult Housing in Silver Spring, MD
BROOKLYN, N.Y. & CAMBRIDGE, Mass., June 10, 2025--(BUSINESS WIRE)--Northern Liberties, a real estate investment firm specializing in workforce housing, and Equity Resource Investments, LLC ("ERI"), a multi-strategy real estate investment firm focused on essential housing and workplaces, today announced the acquisition of Arbor Crest, an 80-unit active adult apartment community located in Silver Spring, Maryland. Built in 2004, Arbor Crest offers one- and two-bedroom residences for adults aged 62 and over, with amenities designed to support the active lifestyles of its residents. Situated just outside Washington, D.C., the property is well-located in one of the region's most accessible suburban markets. As part of the acquisition, Northern Liberties entered into a long-term agreement with Montgomery County through its PILOT (Payment In Lieu of Taxes) program. The structure abates all county property taxes for 20 years in exchange for maintaining rent restrictions for qualified residents earning between 45% to 70% of area median income – and is expected to provide long-term affordability without a reliance on federal subsidies. "We believe this is important for the 'missing middle'—those on fixed or moderate incomes who earn too much for housing assistance, but too little to afford market rents," said Sharif Mitchell, Co-Founder and CEO of Northern Liberties. "By pairing public incentives with targeted capital upgrades and resident-focused services, we believe we can create value for both residents and the property." "We are pleased to partner with Northern Liberties on this investment," added Paul Coelho, Managing Partner at ERI. "This investment aligns with ERI's approach of seeking to invest in essential real estate across markets that we believe have a common theme of affordability and the potential to generate risk-adjusted returns." Mitchell, who grew up in Silver Spring where his grandfather lived in a similar senior community, considers the acquisition a personal milestone. "Coming back to invest in the community where I was raised—it's full circle. It makes the work we do even more meaningful." About Northern Liberties Northern Liberties is a vertically-integrated real estate investment firm focused on workforce housing. By providing strategic capital improvements, hands-on asset management and community-centered resident services, the firm seeks to deliver market rate returns and meaningful social impact. Headquartered in Brooklyn, New York, Northern Liberties is a minority-owned and operated venture, the principals of which have completed over $485 million in investments. About Equity Resource Investments, LLC Founded in 2002, Equity Resource Investments, LLC ("ERI") is a value-oriented, real estate private equity firm investing in the fragmented, inefficient and complex lower middle market. The firm focuses on essential housing and workplaces in the Affordable Housing, Workforce Housing and Value-Add Industrial sectors across the U.S. and also makes certain Special Situation and Opportunistic investments. Based in Cambridge, MA, ERI has invested approximately $1.8 billion of equity into over 1,900 properties as of March 31, 2025. View source version on Contacts For Northern Liberties Deborah Lintondlinton@ (630) 269-5680For Equity Resource Investments Grace Cartwright/Gwyn HodgesERI@
Business Wire
10-06-2025
- Business
- Business Wire
Northern Liberties and Equity Resource Investments Acquire Arbor Crest, Expanding Affordable Active Adult Housing in Silver Spring, MD
BROOKLYN, N.Y. & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Northern Liberties, a real estate investment firm specializing in workforce housing, and Equity Resource Investments, LLC ('ERI'), a multi-strategy real estate investment firm focused on essential housing and workplaces, today announced the acquisition of Arbor Crest, an 80-unit active adult apartment community located in Silver Spring, Maryland. Built in 2004, Arbor Crest offers one- and two-bedroom residences for adults aged 62 and over, with amenities designed to support the active lifestyles of its residents. Situated just outside Washington, D.C., the property is well-located in one of the region's most accessible suburban markets. As part of the acquisition, Northern Liberties entered into a long-term agreement with Montgomery County through its PILOT (Payment In Lieu of Taxes) program. The structure abates all county property taxes for 20 years in exchange for maintaining rent restrictions for qualified residents earning between 45% to 70% of area median income – and is expected to provide long-term affordability without a reliance on federal subsidies. 'We believe this is important for the 'missing middle'—those on fixed or moderate incomes who earn too much for housing assistance, but too little to afford market rents,' said Sharif Mitchell, Co-Founder and CEO of Northern Liberties. 'By pairing public incentives with targeted capital upgrades and resident-focused services, we believe we can create value for both residents and the property.' 'We are pleased to partner with Northern Liberties on this investment,' added Paul Coelho, Managing Partner at ERI. 'This investment aligns with ERI's approach of seeking to invest in essential real estate across markets that we believe have a common theme of affordability and the potential to generate risk-adjusted returns.' Mitchell, who grew up in Silver Spring where his grandfather lived in a similar senior community, considers the acquisition a personal milestone. 'Coming back to invest in the community where I was raised—it's full circle. It makes the work we do even more meaningful.' About Northern Liberties Northern Liberties is a vertically-integrated real estate investment firm focused on workforce housing. By providing strategic capital improvements, hands-on asset management and community-centered resident services, the firm seeks to deliver market rate returns and meaningful social impact. Headquartered in Brooklyn, New York, Northern Liberties is a minority-owned and operated venture, the principals of which have completed over $485 million in investments. About Equity Resource Investments, LLC Founded in 2002, Equity Resource Investments, LLC ('ERI') is a value-oriented, real estate private equity firm investing in the fragmented, inefficient and complex lower middle market. The firm focuses on essential housing and workplaces in the Affordable Housing, Workforce Housing and Value-Add Industrial sectors across the U.S. and also makes certain Special Situation and Opportunistic investments. Based in Cambridge, MA, ERI has invested approximately $1.8 billion of equity into over 1,900 properties as of March 31, 2025.
