Harrisburg non-profit secures $9m investment to accelerate the launch of vital community project
The loan will be used to purchase a historic building and transform it into a social and commercial food hub for local residents in Harrisburg, PA.
Growth Lending will provide a $9m bridge finance facility to a community development project in the formerly redlined area of Harrisburg. The loan will be used to accelerate the project’s launch, while it awaits funding backed by the United States Department of Agriculture (USDA).
The Pennsylvania Social Equity Land Trust (PSELT) will receive funding under the USDA’s One Rural Development (OneRD) Secured Loan Initiative. However, the process can take many months to complete, potentially delaying the start of the project – Growth Lending’s bridge finance facility enables PSELT to get things going immediately.
Under the plans, PSELT will build a community food hub comprising an urban greenhouse, shared commercial kitchen, culinary program, market and wellness center for the historically underserved Camp Curtin community.
While the OneRD loan is still progressing, the $9m bridge loan from Growth Lending will enable PSELT to purchase the historic building and begin transforming it into a single hub of local entrepreneurial activity. The existing building will undergo significant renovations and function as a primary employment center for the community. An initial 35 new jobs will be created and the expectation is that it will support numerous other roles in the future.
Importantly, the community will benefit from amenities that the neighborhood is notably lacking. TheThe Camp Curtin Commissary project will extend beyond a hub for social activity and become a source of high-quality food and nutrition for residents, while also acting as an economic catalyst, attracting external capital to the area. The upper levels will provide a leasing space for health and exercise and a coworking space to support entrepreneurial activity in the community. The ground level will contain a food hall comprising a local produce market, a fine dining restaurant utilizing products from the market, a demonstration kitchen to provide visitors with an interactive experience and a shared commercial kitchen for local food-based businesses.
Bret Peters AIA, PSELT Board Chair, said: “The Camp Curtin Commissary project is the result of in-depth planning and public engagement with the Camp Curtin community. The Fair Housing Council led the process with a Keystone Historic Planning Grant from the Pennsylvania Historical and Museum Commission, PHMC funding supported an extensive public engagement process and community planning effort, which resulted in the programming and location of the much-needed fresh food facility in the community’s anchor building.
“PSELT also thanks Adam Maust and A Mighty Group for their generous support in early phases of planning for this essential community facility. Once the facility’s operation is stabilized, proceeds from the Commissary will be reinvested in the neighborhood, supporting permanently affordable housing through the work of the Land Trust. PSELT is excited to be providing the foundation for a flourishing, sustainable community and economic network.”
Ilze Coetzee, Manager at Growth Lending, said: “Accelerating the growth of businesses is at the core of Growth Lending’s mission, but this is even more valuable when such businesses are making a positive impact on local communities.
“The USDA’s OneRD Secured Loan Initiative is all about promoting the economic and social development of rural, and potentially historically under-served, areas of the country, so this project is the perfect example of what can happen when the USDA, lenders, and borrowers work together – we are thrilled to be involved and for our investment to accelerate Camp Curtin’s access to this fantastic facility.
“Health, wellness and employment opportunities will help transform the community into a thriving hub of activity. This will not only bring visitors and external capital directly to the area, but give the community access to these much-needed amenities themselves.”
The project will be a collaborative effort between Pennsylvania Social Equity Land Trust Inc., the USDA, and Growth Lending.
For more information about Growth Lending’s USDA bridge loans, contact a member of our expert team.
