NeighborWorks Capital closed a $3,357,143 participation in a $13.7m New Markets leverage loan for The MET, a major mixed-use redevelopment project in downtown Lexington, KY, in March 2019. The MET, developed by Community Ventures Corporation (CVC) will create 44 new apartments, a new grocery store, affordable medical clinic, a social enterprise restaurant, and small business incubator space. The $13.7m leverage loan, originated by Republic Bank & Trust, allows for almost $10m in equity to be secured from NMTC investors to build the project.
CVC will build a new three story, 65,000 square foot building with two residential floors over the retail and incubator space, and a 3,000 square foot addition to an existing two story, 12,000 square foot building that they already own. The location of The MET is next to Charles Young Park, an area of significant poverty and historic under-investment. The new businesses and apartments will enhance vitality of the neighborhood and encourage new business development.