Arlington, VA (February 5, 2020) National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, recently closed a $3.51 million loan to support an $18 million New Markets Tax Credits (NMTC) financing package secured by Michigan Community Capital (MCC) for the development of a four-story, 50,000 square foot mixed used development on a former vacant brownfield facility located in Mount Pleasant, MI.
Once complete, the 1.34 acres site will be home to a new 10,000 square foot store for GreenTree Cooperative Grocery and offer 48 mixed-income apartments.
In addition to NCB’s loan, the project received a low-interest loan from the Michigan Economic Development Corporation and a NMTC allocation from PNC and Cinnaire.
“The project involved one of the most complex sites that MCC and many of our partners have ever managed, stated Eric Hanna, President of MCC. “ In the end, it took a financial structure in excess of standard programs to get the site developed. I am convinced that this building will be a 100 year+ asset to the community. “