Nubian Square, BlueHub’s home in the Roxbury neighborhood of Boston, is seeing a surge in development. Early-stage financing from BlueHub Loan Fund has played a crucial role in getting projects off the ground, as reported in Banker & Tradesman.
Early-stage, predevelopment financing pays for soft costs like architectural services. Typical lenders are wary about lending to a project without real estate to pledge as collateral, making these types of loans hard to come by. Richard Taylor, lead developer of Nubian Square Ascends, says that this type of financing has played a key role in keeping his project moving ahead.
The Loan Fund provided a $3 million predevelopment loan for Nubian Ascends, alongside partners LISC Boston, Local Enterprise Assistance Fund (LEAF), The Life Initiative, Massachusetts Housing Investment Corporation and The Property and Casualty Initiative. It also included a $1.5 million guarantee from MassDevelopment.