When Real Estate Returns a Triple Bottom Line

We’re proud to support borrowers who take on the challenge of revitalizing neighborhoods.

In our series, “Developing Stories,” read about some of these borrowers and their experiences.

It took Jim a while to land on commercial real estate. He was born in Pittsburgh, but spent the majority of his life elsewhere and did stints in industries from music to tech. Fifteen years ago, with young children to educate, he decided Pittsburgh would be the perfect city to raise a family.

Upon arriving in Pittsburgh, Jim was determined to be his own boss and reap his own rewards. He read “Rich Dad Poor Dad” and started buying real estate.

His first deal in 2008 in Reading, Pennsylvania was, in his own words, a “disaster.” But he kept at it, and moved on to a successful series of flips, followed by a number of 1-4 family rentals that he was able to buy, renovate, and hold.

Two of Jim’s core beliefs are that a) “Real estate is relationship driven,” and b) that real estate can enable a “triple bottom line”—supporting positive outcomes in terms of profit, social, and environmental impact.

These beliefs made him a natural fit for us when Spring Garden entered the Pittsburgh market in 2022. Both Jim and our President, Andy Rachlin, share an interest in creative real estate financing structures to support that triple bottom line philosophy. This led them to work together to close on the acquisition and renovation of a former YMCA in the Knoxville neighborhood that today contains 22 workforce-affordable units (soon to expand to 25). With support from specialized financing tools from HUD through URA statutes and the Heinz and Hillman Foundations, the project broke new ground for affordable housing preservation in Pittsburgh.

When asked how many loans he’s gotten from Spring Garden Lending, Jim answered, “I’ve lost count! Spring Garden Lending is my go-to lender!”