PHOENIX-RED Development has secured $34.3 million new markets tax credit bridge loan for its Kimpton Palomar Hotel construction at CityScape in downtown Phoenix.
Investment Corp. and Phoenix Community Development have approved the loan. The loan program offers below-market rate loans for developers and small businesses to promote revival and stabilization of neighborhood areas. Previously, the CityScape development site was housing an old-fashioned park and a less-utilized surface-parking garage, according to Phoenix City Councilman, Michael Johnson.For the full story, go to Phoenix Business Journal.
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