Unity Building
About the project
G & L Furniture Inc. is the primary retail business of Mr. Ibrahim Demmaj, the sponsor of this project. Mr. Demmaj also developed Twin Cities' Abyssinia Cultural Center at 322 W Lake Street.
The borrower's service area is the Twin Cities metro, with an emphasis on South Minneapolis and Lake Street.
LISC provided $2.69 million of financing to support the demolition and reconstruction of 401-405 E Lake Street in Minneapolis, MN. The Unity Building will be a four-story, mixed-use commercial building. The project seeks to create a multi-generational destination center that celebrates the historic confluence of Latine and African cultures on Lake Street. LISC is co-lending with Platinum Bank and Fortis Capital is a participant on the LISC loan. This loan was funded by the CAT Fund, a flexible, affordable pool of patient capital assembled by LISC Twin Cities to enable the acquisition and redevelopment of commercial and residential properties in or near the cultural districts that were impacted by the civil uprising following the murder of George Floyd and the economic fallout of the COVID-19 pandemic.
Partner:
G & L Furniture Inc.
Location:
Minneapolis, MN
Total Investment:
$2.69 million
Results:
35 jobs created or preserved
21,325 sq. ft.
Project Category:
Employment Generation
Specialized Funding Source:
Community Asset Transition (CAT) Fund
Product:
Mini-permanent loan
UN SDGs:
