Enterprise Community Investment, Inc. Closes Financing For Historic, Mixed-Use Project In Memphis, Tenn.
Investment Critical To Downtown Renaissance
Columbia, Md. (August 31, 2006) – Enterprise Community Investment, Inc. (Enterprise) announced today that it closed a $26.5 million New Markets Tax Credit (NMTC) deal with US Bank Community Investment Corporation to help finance the rehabilitation of Court Square Center in downtown Memphis, Tenn. Enterprise, the largest allocatee of NMTC in the nation, brings over 20 years of real estate finance expertise and a full range of community development products and services to help revitalize and sustain communities nationwide.
Telesis Corporation, a developer of large-scale, complex, urban redevelopments, has primary responsibility for managing the development of Court Square Center, in partnership with Memphis-based CGI & Partners Court Square Center, LLC. The total development cost approximates $47 million and encompasses the rehabilitation of three historic buildings: the 22-story Columbian Mutual Tower, the 7-story Court Annex Building, and the 5-story Lowenstein Building, into a single, mixed-use property combining 77 residential units and approximately 38,000 square feet of retail and office space.
“Court Square Center is a great example of the New Markets Tax Credit program positively impacting distressed communities,” said Joseph Wesolowski, Enterprise senior vice president. “This project transforms a whole city block, creating new housing and commercial space to help revitalize downtown Memphis along with construction jobs and permanent employment opportunities,” he said.
Court Square Center will overlook Court Square Park, the historic economic center of the city, and generate renewed street life, pedestrian activity and economic growth in the community. The development is part of downtown Memphis’ transformation from an office district into a vibrant combination of apartment, office and entertainment properties.
Multi-layered funding for the project also includes federal historic tax credits, Brownfields Economic Development Funds, a Section 108 loan, as well as additional NMTC funds from another allocatee, National Development Council.
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. For over two decades, Enterprise has privately raised $7 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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