Standalone strategy provides funding to U.S. communities not well served by traditional banking institutions
June 06, 2019 12:00pm ET | Source: Money360
LADERA RANCH, Calif., June 06, 2019 (GLOBE NEWSWIRE) — The M360 Community Development Fund today announced it has provided more than $337 million in financing since its inception in February 2018. The Fund diversifies lending options for borrowers of Money360, Inc., a vertically integrated nationwide commercial real estate direct lender. The Fund’s mission is to originate loans and support emerging communities in regions that are not well served by traditional banking institutions, providing benefits to communities, borrowers and investors alike.
To date, the Fund has facilitated the revitalization, improvement and repositioning of more than 2,000 housing units and other properties. Benefits to communities as a result of the Fund include greater access to jobs, schools, and transportation and the facilitation of healthy living environments in underserved regions.
“We made the decision at Money360 to direct resources into a community development fund because we see too many areas across the United States that could grow and thrive if developers and owners had access to affordable, efficient capital to improve their commercial real estate properties,” said Evan Gentry, CEO of Money360.
“Providing capital as a catalyst for change is at the heart of what we do. There are communities and stakeholders across the nation that could benefit from Money360’s deep experience in commercial real estate financing,” said Paul Cleary, COO of Money360. “We are looking forward to working with more borrowers across these underserved regions to create flexible and tailored financing plans for projects that otherwise may not find funding.”
The program has enabled borrowers to revitalize properties throughout the country, including:
- $32 million in financing to support the redevelopment of the Goodyear Tire and Rubber Company’s old headquarters into a multi-use property in Akron, Ohio. The redevelopment plan includes office space, apartments, a hotel and theater, as well as restaurant and retail businesses. Centered in the heart of Akron, this project will provide benefits to the local community, both for business growth and quality of life. To date, this project has moved more than 250 employees to the area.
- $8.5 million in financing for building improvements and preparations for occupancy by Marion County Health Services in an office property in Salem, Oregon. The building is now occupied by a variety of health services that improve the lives of local residents by providing early access to prenatal care, obesity prevention, smoking and depression counseling services, and more.
- $23 million in financing dedicated to resurrecting the Christiansburg Marketplace in Christiansburg, Virginia, a 253,551 square foot property located in the city center that had been severely vacant for more than a decade. The project will provide new revenue streams to benefit the community, as well as create more than 400+ jobs, breathing economic life into Christiansburg.
“With M360’s help, we are providing goods and services to the underserved residents of Christiansburg who currently commute more than 35 miles to shop at a healthy grocery store or home goods retail shops,” said Walt Rector, project developer behind the Christiansburg Marketplace. “The redevelopment of this property benefits Christiansburg and Montgomery county financially and socially, enhancing the fabric of the community.”
Money360 created an experienced Advisory Board to provide strategic guidance to the Fund, comprised of industry veterans with diverse expertise in non-profit and private organizations that align with the mission and values of the Fund. Members of the Board include:
- Christopher Earley, Vice President of Development in the Michaels Development Group’s Mid-Atlantic region
- Chuck Depew, Senior Director for the National Development Council
- Delores Brown, President of the Institute for Maximum Human Potential
- Katia Izyumova, Senior Loan Officer for Enterprise Community Partners
- Mark Wilson, CEO of Southeastern Housing Foundation, Inc.
For more information about the M360 Community Development Program and the communities it serves, please visit https://www.money360.com/community-development-fund/.
Money360 is a vertically-integrated, nationwide direct lender that sources, underwrites, closes and services small- to mid-balance commercial real estate loans ranging in size from $3 million to $25 million. Through the seamless union of world-class technology and irreplaceable human expertise, Money360 delivers a smarter, simpler, and more transparent experience from origination to servicing. Borrowers can learn more at www.money360.com.
Carly Hall | firstname.lastname@example.org
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