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Southside Development Enterprises, LLC
Portsmouth VACDFI Awards for Southside Development Enterprises, LLC
NMTC (2008) - $10,000,000
Southside Development Enterprises, LLC (SDE) will utilize its NMTC allocation in the low-income communities of Portsmouth, VA to provide flexible financing that advances commercial real estate projects; creating office, retail and educational space, thereby creating jobs, allowing advancement opportunities and offering needed services to community residents. SDE will target projects that could not receive financing if not for the allocation of NMTCs. Its loan products will be more favorable than those available in the marketplace, including interest rates 40 percent to 70 percent below market, and its underwriting terms will be more flexible than market, including loan to value ratios as high as 100 percent.
NMTC (2003) - $21,000,000
Southside Development Enterprises LLC (SDE) will utilize its NMTC in support of two identified commercial real estate projects: (1) a multiple building office complex that is the a€œsecond phasea€ of a retail re-development project located in an Empowerment Zone; and (2) a retail redevelopment that will attract several new stores, including a large national retailer and a grocery store, to a low-income community. The NMTC allocation will permit SDE to offer better than market rate subordinate loan products to finance these transactions.
Other Community Development Financial Institutions in Virginia
123 New Market Investors, LLC
Great Falls
Business Seed Capital, Inc.
Roanoke
ECDC Enterprise Development Group
Arlington
Hampton Roads Ventures, LLC
Norfolk
Lynchburg Community Loan Fund
Lynchburg
Minerva Seed Fund
Fairfax City
NCB Capital Impact
Arlington
New Enterprises Fund, Inc.
Christiansburg
Piedmont Housing Alliance
Charlottesville
Southside Development Enterprises, LLC
Portsmouth
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