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Monroe, 116 W. Spring Street
Closing Date: April 7, 2020
On April 7, 2020, the Foundation provided a $169,490 loan to the Downtown Development Authority of the City of Monroe to assist in financing the acquisition and renovation of a two-story commercial building located at 116 W. Spring Street in downtown Monroe. The Authority provided a simultaneous loan to 2nd Floor, LLC, the project’s developer. The completed project contains leasable commercial and office space. The total project cost is $423,725. Additional project financing was provided by Synovus Bank.
Project Details
Loan Recipient
Downtown Development Authority of the City of Monroe
Sub-Recipient
2nd Floor, LLC
Project Cost
$423,725
GCF Loan Amount
$169,490
DD RLF Loan Amount, if any
N/A
Project Use
Leasable Commercial Space
Foundation Project Impacts
335 New Downtown Businesses
2196 New Jobs Downtown
$208 Million in Private Investments
8 Cultural Facilities
347 Downtown Housing Units
157 Hotel Units Downtown
1,600,000 Redevelopment Floor Area sf
229,000 New Construction sf