Washington Park Homes
Provided $400k in financial guarantees to ACRE grad Michael Adetoro (FIT Investments) to redevelop 25 tax foreclosed properties consisting of 43 vacant one to five-bedroom units in the Washington Park neighborhood. Worked with developer to refinance out of a disadvantageous mortgage that was coming due and set to increase substantially. Brought MEDC to the table, and MEDC ultimately made an investment.
| Project Details | |
|---|---|
| Start Date | 2020 |
| End Date | February 6, 2020 |
| Initial Investment | $400,000 |
| Partners |
|
| Financial Impact | $10,500,000 |