Philadelphia, PA, April 16, 2026 — The 481 CEI-Boulos Impact Fund, a partnership between TD and CEI-Boulos Capital Management, has closed on a $2.7 million equity investment in 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.
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 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 these renters 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. Fifty-one percent 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 three 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 195th Legislative District, and Pennsylvania State Senator Sharif Street of the 3rd District. Additionally, the Strawberry Mansion CDC has sponsored community meetings regarding the project, during which it was positively received.
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 a Minority Business Enterprise (MBE) in Philadelphia).
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.
“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,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The 418 CEI-Boulos Impact Fund is proud to be supporting this socially impactful, community supported project.”
“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,” said Hugh Allen, Head of Commercial Real Estate, TD Bank U.S. “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.”
About TD Bank U.S.
TD Bank US Holding Company and its subsidiaries, including TD Bank, N.A., are collectively known as TD Bank U.S. As the U.S. banking business of The Toronto-Dominion Bank (TSX and NYSE: TD), a leading North American financial services firm, TD Bank U.S. serves more than 10 million clients and has a network of approximately 1,050 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 largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J. 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.
Media Contact:
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TD
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Leah Batt
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