$5.25 Million Construction Loan for Mixed-Use Development
Worthington Square is a mixed-use property located in the distressed area of Imperial, CA.
Clearinghouse CDFI provided a $5.25 million leverage loan towards the construction of 58,000 sq. ft. of this mixed-use, residential and commercial space. This $12 million New Markets Tax Credits development will create 10 quality, affordable housing units, 38 workforce housing units, and will lease a significant portion of the retail area to be used as a community center.
The community space will be home to annual programs including:
- An enrichment program serving 550 children
- Exercise and counseling programs serving up to 300 adults and seniors
- A job training program serving up to 180 low-income individuals
Development of Worthington Square will create 79 construction jobs and 48 full-time jobs, and revitalize a blighted downtown area.
Download the flyer: Just Funded – Worthington Square
View the Worthington Groundbreaking.