Rehab Funding Obtained For Historic Former Furniture Factory
Published On: Thu, 08-07-2008
Related Content: 221 McKibbin Street
Posted Online On: Tue, 01-06-2009
The McKibbin Street Industrial Center at 221 McKibbin St., corner of Bushwick Avenue, is a project of the Greenpoint Manufacturing and Design Center (GMDC), a nonprofit developer of industrial space, which reports that financing came from New Markets Tax Credits, Historic Rehabilitation Tax Credits, market-rate senior debt and capital grants from the National Community Fund I, Citi Community Capital, Empowerment Reinvestment Fund, NYC Economic Development Corp. and NYC Investment Fund (CIF).
“Constructing an industrial center serving small and family-owned businesses in the neighborhood would have been impossible without New Markets,” said Brian Coleman, CEO of GMDC. “Without flexible lease terms and below-market rents, our tenants would be forced to flee the inner city or go out of business.”
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