LA private equity firm invests in redevelopment of South Philadelphia hospital site

Resmark Land and Housing of Los Angeles has become an equity partner in the redevelopment of South Philadelphia's Mount Sinai Hospital site into 95 townhomes, it said on Friday.

The division of the Resmark Cos., a private equity firm, has formed a joint venture on the project with the Bethesda, Maryland-based Concordia Group and Philadelphia's D3 Developers.

Sales at the project, called Southwark on Reed, will begin later this year, with first occupancies expected in spring.

Resmark said last year that it was joining the Mignatti Cos. to develop housing for the Waterside mixed-use project on the banks of the Delaware River in Bensalem Township.

jadelman@phillynews.com

215-854-2615 @jacobadelman

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