Provides mezzanine capital (gap financing) for developers for real estate assets in small to mid-sized Pennsylvania communities. Its objective is to target investment to projects of highest impact like those in low income communities, those that revitalize our central business districts or redevelop brownfields, and those that create facilities for our future high growth industries. By providing $150M in loans to real estate fund managers, another $150M of private capital will be leveraged, creating a total pool of $300M which will be available to finance high impact real estate projects within the commonwealth. Focused on industrial, commercial and multi-use projects, the program will support the acquisition, development, redevelopment, and revitalization of communities. In addition, in order to focus capital investments in traditionally underserved areas, the commonwealth has earmarked 50% of the funds to be made available for those real estate projects located in areas other than cities of the first and second class. Loan amount cannot exceed the amount of equity in the project. Term of the loan can be no more than 10 years with a 25 year amortization.
Eligible Recipients Detail:
Developers for real estate assets in small to mid-sized Pennsylvania communities. Applications will be accepted from fund managers which for the purposes of this program is defined as an organization which has as its primary purpose the managing of capital for real estate investments.
Last Mile Infrastructure; Building Infrastructure; General Infrastructure
Eligible Purpose Detail:
Financing is available for industrial and commercial multi-use projects. Funding can be used for infrastructure and site development for businesses.
Loan amount cannot exceed the amount of equity in the project. Term of the loan can be no more than 10 years with a 25 year amortization.