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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
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