Downtown Property Acquisition Loan Program
GREDA, in partnership with the C.K. Blandin Foundation, has established a $1,000,000 fund, residing at the Foundation, to allow GREDA to provide short term bridge financing to developers for the purpose of property acquisition and other expenses related to downtown redevelopment.
These loans are to be replaced by private commercial financing at the earliest point possible. The interest rate charged under these GREDA loans is to be similar to what a commercial construction loan rate would be when the developer has obtained a sufficient level of tenant commitment for the redeveloped space and would qualify for conventional financing.