Loan Amount and Type
$2,580,340 total financing: $730,340 Subordinate Acquisition & Construction Loan (Residential); $1,850,000 Bridge Loan (Commercial).
Loan Use
Financing will provide funding for the development of a commercial building, as well as a mixed use and mixed income building (including residential), adjacent to Fisk University in the Fisk/Meharry neighborhood.
Borrower/Sponsor
Jefferson Multifamily LLC (Residential) & 1712 Jefferson Street LLC (Commercial); both formed by KNGDM Group, an emerging, mission driven developer.
Affordability
Of the 66 total residential units, 60% will be offered at workforce rents up to 120% AMI, while the remaining 40% of units will be restricted to households with incomes at 75% AMI or below.
Impact
The Fund’s loan represents the final piece of gap financing needed to unlock the full mixed-use project. The development will bring new affordable housing to the historic Fisk/Meharry district and help anchor community-serving uses including Corner to Corner and the new headquarters and branch of Citizens Savings Bank and Trust, the nation’s oldest African American–owned bank.
