Monroe, Sparrow Hill Inn

Closing Date: August 29, 2014
In August 2014, the Foundation provided a $215,615 GCF-SSBCI loan to MG Alignment, LLC for the acquisition and renovation of a historic building located at 410 East Church Street in downtown Monroe. The completed project houses a boutique bed & breakfast inn and special events facility, Sparrow Hill Inn. The total project cost is $695,532. Sources of project financing include a $347,776 bank loan, the $215,615 GCF-SSBCI loan, a$62,598 loan from DCA, and $69,553 of Borrower’s equity participation.

Project Details

Loan Recipient
MG Alignment, LLC

Sub-Recipient
N/A

Project Cost
$695,532

GCF Loan Amount
$215,615

DD RLF Loan Amount, if any
$62,598

Project Use
Bed & Breakfast Inn and Special Event Facility
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