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
299 New Downtown Businesses
1728 New Jobs Downtown
$147 Million in Private Investments
8 Cultural Facilities
288 Downtown Housing Units
157 Hotel Units Downtown
1,352,805 Redevelopment Floor Area sf
200,267 New Construction sf