Developers outline capital‑stack options as $5 million gap persists
Developers said they are reworking the Munising Marketplace capital stack after MEDC tools proved unavailable, outlining a 1% low‑interest loan up to $1.5 million, a deferred developer fee over $500,000 and an equity raise as options to close the project shortfall.
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Shannon Morgan, partner at Radivari Development, and consultant Jennifer Acosta said the Munising Marketplace team is recirculating a pro forma and seeking replacement financing after most state MEDC tools proved unavailable. Morgan said the group resubmitted the project as a transformational brownfield but was told CRP and related programs could not be committed now.
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