RED Gets $34M Bridget Loan for Kimpton Palomar Hotel

In Phoenix, neighborhood revitalization includes downtown business revitalization and stabilization. One example is the Phoenix Community Development and Investment Corp grant of a $34.3 million “new markets tax credit bridge loan,” which will be used by RED Development to build a new hotel. This loan program supports small businesses, developers and nonprofits by providing below–market-rate financing. This project will transform an unused area into a sustainable business that will provide jobs as well as tax revenue for the city.

SOURCE: Phoenix Business Journal, 2/15/11

URL: http://www.bizjournals.com/phoenix/news/2011/02/15/red-gets-34m-bridge-loan-for-kimpton.html