Local fund reports $7–8M encumbered as projects move through underwriting
A fund representative said the program has 15 submitted projects, four closed loans, four in underwriting and approximately $7–8 million encumbered; the fund recently added an equity option and retains a typical maximum investment of about $1.5 million per project.
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A representative for a local investment fund told the advisory meeting the program has received 15 project applications, closed on four transactions and has four projects in underwriting. The representative said the fund has encumbered "well over $7,000,000" and that the board has approved adding an equity position to the program as an optional tool.
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