Newnan, 5 & 7 Spring Street

Closing Date: June 30, 2016
In June 2016, GCF provided a $136,000 RLF loan to the Newnan DDA for the acquisition and renovation of a commercial building located at 5 & 7 Spring Street in downtown Newnan. The DDA provided a simultaneous loan to MOST Properties, LLC, the project’s developers. The completed project houses leasable commercial space on the first floor, and four residential apartments on the second floor. Fidelity Bank and the Georgia Department of Community Affairs also provided financing for this project. The total project cost is $680,000

Project Details

Loan Recipient
Newnan DDA

Sub-Recipient
N/A

Project Cost
$680,000

GCF Loan Amount
$136,000

DD RLF Loan Amount, if any

Project Use
Acquisition/renovation of a commercial building
After
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