The community supported, transit-oriented, and sustainability focused project will provided 46 units of long-term affordable housing, addressing the critical shortage in  the neighborhood.  

Philadelphia, PA – June 4, 2026: A groundbreaking event was held today for the Diamond Street Affordable Housing Project at 2800 Diamond Street in North Philadelphia’s Strawberry Mansion neighborhood.  The sustainability focused, transit-oriented urban infill development will deliver a new 49,745-square-foot building consisting of 46 units of long-term affordable workforce housing, addressing the critical housing shortage in the area. Those in attendance included State Senator Sharif Street, Councilmember Jeffrey Young, Jr, and Angela D. Brooks, Chief Housing and Urban Development Officer in the Office of the Mayor.

The project is being developed by a partnership between Iron Stone Real Estate Partners and Silver Wave Equities, the affordable housing affiliate of Sorani Capital (a certified Small Diverse Business in Pennsylvania and Small Business Enterprise in Philadelphia).

The majority equity investor in the project is the 481 CEI-Boulos Impact Fund, a $25 million real estate investment fund managed by CEI-Boulos Capital Management, with TD  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 surrounding 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 project will address the affordable housing shortage in the Strawberry Mansion neighborhood and help prevent the displacement of current residents in the face of increasing gentrification threats. The units are targeted at Philadelphia Housing Authority (PHA) Housing Choice Voucher holders, who will spend no more than 30% of their income on rent. Currently, it is estimated that renters make up 70% of the project’s census tract, with 45.5% of renters in the census tract considered “housing cost burdened,” meaning they spend more than 30% of their gross income on housing, and 27% of renters considered “severely housing cost burdened,” meaning they spend more than 50% of their income on housing. 51% of the units will be reserved for voucher holders or those earning below 80% of the Area Median Income via deed restriction required by the 481 CEI-Boulos Impact Fund.

The Diamond Street Affordable Housing Project consists of 43 one-bedroom units and 3 two-bedroom units, along with 23 parking spaces.

The project is designed to encourage sustainable transportation, with close proximity and pedestrian access to major bus routes, bicycle lanes, nearby parks and commercial amenities. The development will include indoor storage for 16 bicycles.

Environmentally friendly features include energy-efficient appliances and HVAC systems and a green roof to mitigate urban heat and manage stormwater.

The project has received support from the Strawberry Mansion Community Development Corporation (CDC) and community leaders, including City Councilman Jeffery Young, Jr. of the 5th Council District, State Representative Keith Harris of the 195^th Legislative District, and Pennsylvania State Senator Sharif Street of the 3^rd District. Additionally, the Strawberry Mansion CDC has sponsored community meetings regarding the project, during which it was positively received.

The land for the project was acquired in partnership with the Philadelphia Accelerator Fund, a public-private partnership nonprofit loan fund that provides flexible financing for MBE developers to build affordable housing.

Local officials attending the groundbreaking today shared their thoughts on the development:

Angela D. Brooks, Chief Housing and Urban Development Officer in the Office of the Mayor, Philadelphia: “In line with the Parker administration’s historic H.O.M.E. housing initiative, projects like 2800 Diamond are meaningfully increasing affordable housing opportunities and supporting sustainable, equitable neighborhood growth.”

Philadelphia Councilmember Jeffrey Young, Jr.: “This project reflects the type of thoughtful neighborhood investment that can help strengthen Strawberry Mansion while expanding access to quality housing and community amenities for residents. Responsible development must center the needs of families, support long-term community growth, and build on the pride that already exists throughout the neighborhood.”

State Senator Sharif Street: “Investing in quality housing is investing in the futures of the people who will live in those houses, where they can make a home. Safe and stable places to live ensure that families will be able to put their energy into their dreams and aspirations instead of worrying about where to lay their head at night. The hardworking folks in the city of Philadelphia deserve affordable housing. I’m proud to support initiatives like the one here at 2800 Diamond Street that will positively impact the community for generations to come.”

Project investors and developers were also in attendance:

 Hugh Allen, Head of Commercial Real Estate, TD Bank U.S.: “At TD, our commitment to local communities begins with a deep belief that making a positive impact on the areas we serve is a critical factor in how we operate., We’re proud to be part of the Diamond Street Affordable Housing Project as it meaningfully addresses the unique needs of Philadelphia’s Strawberry Mansion neighborhood by providing sustainable housing and contributing to revitalization efforts.

Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management: “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 Diamond Street Affordable Housing Project, which will bring much needed affordable workforce housing to the Strawberry Mansion neighborhood, The 418 CEI-Boulos Impact Fund is proud to be supporting this socially impactful, community supported project.”

Jason Friedland, Partner at Iron Stone Real Estate Partners.: “Our goal at Iron Stone is simple: build housing that works for residents and the neighborhood over the long term. This project delivers affordability, quality, and permanence in a community that has been historically underinvested, and we’re proud to work with competent and experienced partners to help change that.”,

JD Walsh, Principal Silver Wave Equities: “We are pleased to partner with the 481 CEI-Boulos Impact Fund and Iron Stone Real Estate to develop 2800 Diamond Street. This affordable multi-family development will deliver cost-effective and high-quality residential units in the Strawberry Mansion neighborhood.”

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About TD Bank U.S.

TD Bank U.S. is a leading U.S. bank with more than 10 million clients and a network of approximately 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Carolinas and Florida. We support our clients and communities with a full range of retail, small business, and commercial banking products and services. We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services.

TD Bank U.S. is one of the 10 largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J. To learn more, visit www.td.com/us.

TD Bank U.S. is a subsidiary of The Toronto-Dominion Bank, the sixth largest bank in North America by assets. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD.”

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.