February 4, 2015 |
Developer Dranoff Properties has repaid a $3 million loan, with $1.28 million in interest, on the Victor Lofts luxury apartment building on the Camden waterfront, the Delaware River Port Authority said Monday. The DRPA lent Dranoff the money in 2003 to convert the old Radio Corp. of America "Nipper" Building into 341 apartments. The building was listed for sale last fall, but Carl Dranoff said Monday that his company might keep it. "We're considering our options to retain, refinance, or sell it," he said.
January 8, 2015 |
IT'S NO SECRET the Union has spent many months trying to get rid of goalkeeper Zac MacMath. The team tried repeatedly to trade him, to no avail. It left him unprotected in the expansion draft in the hope that Orlando City or New York City FC would take him, and neither did. So the Union was yet again stuck with three starting-caliber goalkeepers, including two - Algerian Raïs Mbolhi and Jamaican Andre Blake - who are starters on their respective national...
December 29, 2014 |
Chris and Jillian Soriano bought and then renovated their Haddon Heights house using a Fannie Mae HomeStyle Renovation loan to finance the improvements. The couple moved into the four-bedroom, two-bathroom house last summer "knowing we were going to rip out the kitchen," said Jillian Soriano, who wanted an open-concept cooking and dining area. "I wanted to take down the wall separating the kitchen and dining room and replace it with a butcher-block island with two sets of seating," she said.
December 11, 2014 |
Responding to housing-industry concerns that tightened mortgage-credit rules would hamstring the critical first-time-buyer market, Fannie Mae and Freddie Mac will offer 3 percent down-payment loans to qualified borrowers. Fannie's My Community Mortgage program, open to first-time buyers with a 620 minimum credit score, starts this week. Freddie's Home Possible Advantage, available to all qualified buyers, begins in March. Andrew Bon Salle, a Fannie Mae executive vice president, said his program's goal was to help qualified borrowers gain access to mortgages, but added that it would not "solve all of the challenges around access to credit.
December 4, 2014 |
When Carl Lewis needed a refrigerated dessert display case for his 48th Street Grille in West Philadelphia, he applied for a $5,000 zero-interest loan from crowdfunding website Kiva.org. "I envisioned opening this restaurant. I applied to several banks for a loan, and they all turned me down," said Lewis, whose Kiva Zip loan was underwritten by 185 lenders as far away as Sweden and Australia. The money-raising initiative will now be available to more small-business owners and aspiring entrepreneurs with the launch of Kiva City Philadelphia on Tuesday.
November 11, 2014 |
THERE ARE SOME things you want to run long. I like two-week vacations so I can have time to wind down. A week is just not enough. If you're an investor, the best thing going is that you have a long time to let your money work for you. But the one thing you don't want to be too long is your auto loan. An increasing percentage of car buyers are opting to stretch their monthly car payments far longer than the traditional four-year loan. Edmunds.com noted that in October, the average new car loan was 67 months, making it the second-highest average term on record.
October 17, 2014
WHEN LAST WE heard from Hohenadel Brewery, the 19th-century East Falls landmark was wincing under the weight of a wrecking ball. It was 1997. Just one look at the stubborn but crumbling brick structure at Conrad Street and Indian Queen Lane told you it was time to pull the plug. The brewery that once proclaimed its "Well Earned Supremacy" could only sigh as it joined the likes of Gretz and Esslinger and Erlanger in the great Philadelphia pile of brewery dust. Indian Queen Ale . . . Rival Porter . . . Trilby Export - the brands that Hohenadel brewed till it closed in 1952 were gone and mostly forgotten.
October 16, 2014 |
WASHINGTON - Rep. Chaka Fattah's new chief of staff comes from a familiar place. He is the former chief operating officer of a nonprofit that Fattah founded - and that federal prosecutors say was at the center of a scheme to help the congressman repay an illegal campaign loan. Fattah, a Philadelphia Democrat, said he hired Roger Jackson, whom he has known for close to 30 years, because he was "a great guy who has done extraordinary work for a number of organizations. " Among the groups Jackson has played a top role in was the Educational Advancement Alliance, a charity Fattah created to help boost educational opportunities among people in need.
October 9, 2014 |
A Philadelphia loan broker responsible for lining up funding for some of Center City's most high-profile recent developments was sentenced Tuesday to 16 years in prison for his role in a $26 million fraud that bilked nearly 2,000 hopeful entrepreneurs out of money they gave him to secure small-business financing. As part of an agreement with prosecutors, Matthew McManus, a former co-owner of Remington Financial Group, agreed to pay back $17.7 million to his victims. He said Tuesday that he was "truly and painstakingly sorry" for his crimes - an admission that left U.S. District Judge William H. Yohn Jr. puzzled.