Don Wade Memphis Slim Collaboratory Launching Loan Program for Musicians The Memphis Slim Collaboratory, also known as "Slim House," is launching a pilot music loan program. The pilot will be administered by River City Capital Investment, the lending arm of Community LIFT. It will lend musicians funds for touring, recording and merchandise, and the program, in its pilot phase, will deploy $25,000 from now through next May to artists across Memphis music spectrum. Loan terms range from three to 12 months with a flat interest rate of 5 percent. Applicants will be assessed on their work history, credit, music industry income streams and their proposed repayment plan.
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Greystone Closes 11-Property Freddie Mac Small Balance Loan Portfolio in Los Angeles - Yahoo Finance
The borrower, a private Los Angeles-based real estate investment group, acquired the properties, all located within Baldwin Village in South Central Los Angeles and ranging in size from 17 to 72 units per property, over the past three years. The loans, provided by Greystone under Freddie Macs popular Small Balance Loan offering, together represent one of the largest single-borrower portfolios closed using this new platform. The 11 properties were spread out amongst four multi-asset entities, in combination with multiple investors, so it was imperative that the transactions closed concurrently and at the application terms, said Dale Holzer, Director, Greystone. As a result of the financing for 303 total units, the borrower will receive significant cash-out proceeds which will be returned to investors and will fund future seismic work to comply with the City of Los Angeles new seismic retrofit ordinance. Additionally, while the properties are classified as market rate housing, 98% of the units will maintain affordable rent levels as a benefit from Freddie Macs favorable terms.
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