NCB Capital Impact and The Kresge Foundation are launching the Woodward Corridor Investment Fund, developed to invest in transformative real estate projects that advance the physical redevelopment of Detroit’s Woodward Corridor.
With the support of MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Living Cities, and the Max M. & Marjorie S. Fisher Foundation, the Fund will provide capital to projects that are mixed-use, mixed income, transit-oriented and promote density, diversity, vibrancy, and walkability in Detroit’s core.
The $30.25 million Woodward Corridor Investment Fund is designed to support Detroit’s revitalization by financing critically needed housing units along Woodward Avenue, a main artery and home to major medical and academic campuses and arts and entertainment venues. The Woodward Corridor includes Detroit’s Midtown neighborhood, where occupancy rates exceed 95 percent and demand is high for hundreds of additional units. By focusing on the Woodward Corridor, home to many of Detroit’s largest institutions and employers, the fund will help attract residents and commercial activity, establish a model sustainable corridor, and expand economic opportunity for all residents.
The Fund will provide long-term fixed rate loans under terms not currently available through traditional financial institutions, allowing a single loan source rather than the many layers of capital that can be time consuming and difficult to assemble. This will allow developers to commence construction on their projects more quickly.
PNC’s capital was also pivotal to catalyzing the fund as it demonstrated how a local Detroit bank’s finances leveraged funding from other national partners.
The Fund will begin accepting applications Oct. 1. It will make initial loan approvals before the end of 2013 for projects that will start construction prior to the end of 2014. More information is available here