Village Capital Corporation. Welcome November 17, 2015

Transcription

1 Village Capital Corporation Welcome November 17,

2 Cleveland Neighborhood Progress is a family of organizations: Parent Company: Neighborhood Progress, Inc. DBA Cleveland Neighborhood Progress NVC Real Estate Development Subsidiary VCC Real Estate Lending Subsidiary 2

3 Neighborhood Progress: Program Structure 3

4 Village Capital Corporation (VCC) CNP s lending subsidiary since Non-Profit real estate lender All types of projects Predominantly sub-debt - Provision of development services, when needed - $77.8 million in 205 neighborhood projects - $11:$1 leverage 4

5 Since 2000, VCC s loans supported the development of more than 4,000 residential units in Cleveland neighborhoods 5

6 and more than 1.4 million sq. ft. of commercial space. 6

7 Fries and Schuele Phase I-Rehab of former dry goods store and brewery into 36 market rate apartments and first floor retail and commercial space. VCC involvement: Construction loan (second mortgage) in Year 5 when converting to condos after expiration of the historic tax credit. Repaid through sale of condo units. Strategic Impact: Ohio City was always on the threshold of being the successful residential and commercial district that it is today but there were daunting gaps in the fabric of the main corridor. The redevelopment of the entire city block through the catalytic F&S development tied all of the existing anchors together. Phase II- New construction of 32 flat condos, 10 townhomes, 117-space parking garage and first floor retail space. VCC involvement: Construction loan (third mortgage) that was partially repaid through the sale of the 42 residential units and through commercial rent. 7

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9 Starkweather Place in Tremont Starkweather is a two-phased 31 unit new construction townhome project on infill lots in the Tremont neighborhood. The lots are across from the former Valleyview Estates public housing. The buildings were demolished and replaced with townhouses and multi-family units as part of a HUD HOPE VI project. Sutton s project was part of the overall design to establish mixed income housing and increased homeownership in that part of the neighborhood. VCC involvement: Private developer Sutton Homes is using VCC funds as their primary construction line, with the loan in first position, secured by all land and buildings. 9

10 The Harp Building Detroit Shoreway Developed by a CDC, Detroit Shoreway Community Development Corporation in 2000, this project is a LIHTC multi-family rehab project with 10 affordable and 3 market rate apartments. VCC provided a $140,000 construction/perm loan. Strategic project as it: Strengthened Detroit-Shoreway s main commercial district (now Gordon Square); Gave DSCDO the financial tools to address the many neglected multi-family buildings so prevalent in their neighborhood; and Secured long term affordable housing for residents in a rapidly growing neighborhood. DSCDO is now re-syndicating and the building will remain affordable for at least another 15 years. 10

11 Tech Belt Energy Innovation Center or TBEIC is a federally-funded center aimed at the development and commercialization of early stage energy technologies. Project involved the purchase and rehabilitation of a former Kresge s department store and was completed in October VCC provided a bridge loan for the Federal and State Historic Tax Credit (HTC) equity investment. Benefits include: A catalytic project enhancing Warren s strategy to redevelop from its commercial core; Training for displaced workers in the emerging green economy; and Support for high-growth/high-potential companies that will create and attract highpaying jobs; 11

12 Youngstown Business Incubator Tech Block Building #5 VCC provided a $630,000 acquisition loan that enabled project developers YBI and YACIC to purchase the former Youngstown Vindicator building at 252 Boardman Street. This project gave YBI the opportunity to expand its campus and capitalize on the growing demand for graduation incubator space with the purchase of the 58,000 square foot building. Project benefits include: The creation of jobs, creating wealth and investment; Strengthening the manufacturing sector; Research of advanced materials for tech development; and The fostering of entrepreneurial activity through YBI and partner universities. 12

13 Youngstown opportunities Downtown Vision and Action Plan (DTV)-Adoption of a newlycreated downtown plan that identifies development opportunities and near term goals. Key Anchors - Gradual expansion of Youngstown State is one of the oft-cited reasons for people moving into the downtown corridor. The DTV Plan acknowledges that the bond and synergy between YSU campus and surrounding neighborhoods and the Downtown is crucial to mutual success. Economic Development-Youngstown Business Incubator, the world s best incubator associated with a university and the seed behind a powerful start-up culture. 13

14 Questions? Please contact us: Linda Warren, President Dione Alexander, Sr. VP of Lending Jeanine Colozza, Sr. Loan Officer Don Pattison, Business Development Officer

15 Thank you for joining us! 15