EXPANDED: Llenrock Group LLC, Philadelphia, says it's financed the construction of "a 20-bed complex" by Langhorne builder Nick Pizzola and construction manager Insight Development, in the 1700 block of Fontain St. near Temple's North Philadelphia campus. "They look like rowhomes," Llenrock managing partner Andy Benioff told me. (Street name corrected)
Work has started on the foundations; walls and roofs will be shipped for assembly. "They go up in like two days," Benioff added. Each unit houses "six to ten" students. "There's no government money involved." The partners are also in talks with other area colleges.
Llenrock closed the debt- and equity-financed deal on Monday, and says it's "scheduled to open on August 15th." The group "sees this deal as the first in a series" of North Philly "pre-fab developments over the next several years that will increase their market presence to 300-400 beds." Turning Point and Llenrock officials weren't immediately available to give more details.
Temple spokesman Ray Betzner said he wasn't familiar with the project, but "there are a lot of private developers" seeking to house Temple students.
"There's a huge amount of student housing going up between Diamond and Master" north of Temple, and even, for the first time, some Temple staff building homes in the area, says builder Pizzola. "Looks like Las Vegas up there. Everybody and his brother is building."