Clearinghouse CDFI (CCDFI) provided $6,100,000 to Worthington Square, Inc. for refinancing of a mixed-use complex in Imperial, California.
Worthington Square is a mixed-use complex with 48 apartments and 6 commercial storefront spaces located in a distressed area of Imperial, CA. The site includes a fitness center, outdoor pool and recreational area, community center, outdoor dining area, covered parking, restaurant, and on-site banking. Each apartment has a kitchen, oven, refrigerator, washer and dryer in unit, and central air conditioning. In 2015, CCDFI provided funds to Worthington Square in conjunction with the New Markets Tax Credits program. This financing allows Worthington Square to refinance their existing loan with CCDFI while their NMTCs are due to unwind this year.
Worthington Square was originally constructed in 2015 to provide residential and commercial space for the community in Imperial, California. This mixed-use property was developed to provide economic opportunity to a blighted neighborhood.
Read the full story here: Just Funded – Worthington Square
Learn more about the NMTC unwind process here: NMTC Unwind