On December 11 at the Crystal Tea Room, Jay Goldstein, Chairman and CEO of Spring Garden Lending, accepted the Inquirer’s Real Estate Influencer award for Spring Garden Lending. Having been in the market for just over two years, Spring Garden Lending’s business model is impressive: loans are closed in three weeks or less; lenders are experienced bankers who provide reliable financing to developers to grow commercial and residential communities; over 400 loans have been dedicated to projects in emerging neighborhoods; and, approximately 25% of its funding supports low and moderate –income housing.
Upon receiving this award, Jay expounded on Philadelphia when asked what influenced his decision to go into Real Estate. Jay answered, “Philadelphia being a vibrant City has remarkable assets – architecture and infrastructure. We combine real estate and financing expertise to rejuvenate emerging neighborhoods.”
Here’s a portion of the winning application submitted to the Inquirer upon request for applicants:
Spring Garden Lending is a private lender specializing in bridge and permanent loans to real estate developers in the Philadelphia. In today’s fast, heavily regulated environment, traditional banks are not able to commit to and make loans quickly and with certainty; Spring Garden Lending closes loans in three weeks. Our team of experienced bankers has the expertise to provide fast and reliable financing to support local real estate businesses giving our customers a competitive edge. Since opening in October 2016, Spring Garden Lending has provided over $150 million in loans for more than 400 projects to build or renovate $250 million in real estate in the Philadelphia metropolitan area.
Impact on the community
Spring Garden Lending offers an innovative loan product to the real estate market. Faster than a bank and less expensive than alternative lenders, developers get access to funds quickly and efficiently. Since October 2016, Spring Garden Lending has provided over $140 million in loans to build or renovate more than $200 million in real estate investment. Many of Spring Garden Lending’s more than 400 loans have been dedicated to projects in emerging neighborhoods in Philadelphia. Approximately 25% of its funding supports low and moderate income housing. The company enables local real estate developers, through their investments, grow the commercial and housings sectors in communities throughout the Philadelphia marketplace. In addition, Spring Garden Lending is a good neighbor who gives generously to local causes, the Rail Park being one of its favorite projects. Over the last 15 years, Valley Green Bank and Spring Garden Lending, through over 3000 loans, has invested $1.5 billion back into Philadelphia neighborhoods to improve residential and commercial properties.
What influenced your decision to get into real estate?
I started career as an Economic Development lawyer having a strong interest in the intersection of community and economic development and how it affects neighborhood stability. In 2005 realizing that larger banks had abandoned local neighborhoods, I co-founded Valley Green Bank, a community bank that responded to needs of neighborhood and commercial corridors. After Valley Green Bank merged with Univest, I started Spring Garden Lending, a private lender providing bridge and permanent loans to real estate developers. Philadelphia has remarkable assets – architecture and infrastructure. We combine real estate and financing expertise to rejuvenate emerging neighborhoods.
Below are pictures of Jay on the big screen, receiving the Philadelphia Inquirer award for 2018 Real Estate Influencer from the Inquirer publisher and CEO, Terry Egger, and giving his acceptance remarks.