The 481 CEI-Boulos Impact Fund, a partnership between TD Bank and CEI-Boulos Capital Management, makes its first investment in the Philadelphia Metro Region.

Philadelphia, PA – September 29, 2025 – The 481 CEI-Boulos Impact Fund, a partnership between TD Bank and CEI-Boulos Capital Management, announced a $4 million equity investment in the Stinger Square Affordable Housing Project, located at 1348 South 32nd Street in the Grays Ferry neighborhood of Philadelphia.  The sustainability focused, transit-oriented urban infill development will create 49 units of long-term affordable workforce housing, addressing the critical housing shortage in the area. The project will also include first floor community-centered retail space for small businesses.

The $12 million development will be built on an underutilized gravel parking lot. The project is led by SmallGirl Development Inc, a 100% woman-owned company that focuses on building multi-family and mixed-use assets in growing areas around Center City Philadelphia.

The majority equity investor in the project is the 481 CEI-Boulos Impact Fund, a $25 million real estate equity investment fund managed by CEI-Boulos Capital Management, with TD Bank as the sole investor. The fund invests in high-impact, community-supported real estate projects within the bank’s Community Reinvestment Act (CRA) assessment areas in the Philadelphia Metro Region, including counties in Pennsylvania, Delaware and New Jersey. The fund’s social impact advisory board, composed of regional community development leaders, provides input related to the social and environmental impacts of each proposed investment

The Stinger Square Affordable Housing Project will be a seven-story building with 13 efficiency units, 25 one-bedroom units, and 11 two-bedroom units. All residential units will be rent restricted to households earning less than 80% of the Area Median Income (AMI) for twenty years. The project also includes 2,500 square feet of retail space, that will be prioritized for lease to local, minority- and women-owned small businesses.

The project is designed to encourage sustainable transportation, with proximity to major bus routes, bicycle lanes, and pedestrian trails. Additional environmentally friendly amenities include a green roof, roof deck, energy-efficient appliances, in-unit washers and dryers, and landscaping to mitigate urban heat and manage stormwater.

The Stinger Square Affordable Housing Project is part of an overall effort to revitalize the Grays Ferry neighborhood, which also includes the ongoing environmental remediation and redevelopment of the nearby former Philadelphia Energy Solutions Refinery, which until recently was Philadelphia’s top source of pollution and environmental contamination for decades. The project also aligns with city- and state-level initiatives that support the construction of attractive, affordable housing units to prevent displacement of local workforce tenants.

SmallGirl Development plans to offer residents classes in financial literacy, starting a small business, and homeownership planning

“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like the Stinger Square Affordable Housing Project, which will bring much needed affordable workforce housing to the Grays Ferry neighborhood,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The 418 CEI-Boulos Impact Fund is proud to partner with SmallGirl Development, a Philadelphia-based woman-owned company, to bring this project to life.”

“TD Bank is committed to making meaningful investments that strengthen communities and expand access to affordable housing,” said Hugh Allen, senior vice president and head of U.S. Commercial Real Estate, TD Bank. “Our partnership with CEI-Boulos Capital Management reflects that commitment. The Stinger Square Affordable Housing Project will bring much-needed workforce housing, economic opportunity, and lasting revitalization to the Grays Ferry neighborhood. We’re proud to support a development that not only addresses critical housing needs but also creates space for local small businesses and promotes long-term community resilience.”

“I’m proud to be a 100% woman-owned development company leading a 49-unit workforce housing project that includes commercial space designed to support women and minority owned businesses,” said Dawn Mallin, president of SmallGirl Development. “This development is rooted in creating opportunity, equity, and lasting impact in a vibrant and growing neighborhood. I’m deeply grateful to TD Bank and CEI-Boulos Capital Management for their support in making this vision a reality. Through this partnership, I’m excited to empower local residents by expanding access to financial literacy, small business education, and homeownership planning — all with the goal of building stronger, more resilient communities.”

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About TD Bank, America’s Most Convenient Bank^® 

TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth^®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/.  

 TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com/us. 

About CEI-Boulos Capital Management 

CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com. 

About SmallGirl Development Inc

SmallGirl Development Inc (SGD) is a 100% woman-owned real estate development company led by Dawn Mallin that focuses on building multi-family and mixed-use assets in the growing areas around Center City Philadelphia. SGD is committed to tenant retention, community impact, and sustainable development.