Visible College - Forgivable Loan
Category: Projects
Visible College - Forgivable Loan
200 Madison Ave
Memphis, TN
The building at 200 Madison Avenue is in need of approximately $375,000 in physical improvements including elevator work, HVAC, and roof repairs. And, the College is fundraising to buyout the current mortgage of approximately $6.1M. VMC’s previous lender sold the mortgage on the property to a lender in Texas. The new lender increased the interest rate to 18.5%, prompting the college to pursue a buyout of the loan entirely. The College would then apply the debt service payments to the growth of the college through student recruitment, local scholarships, and staff retention.
| Property Name | Visible Music College |
|---|---|
| Project Cost | $375,000 |
| District | Core |
| Type | Renovation |
| Developer | Ken Steorts |
| SF Developed | 40,000 |
| Status | Planned |
| Approval Date | 2023-10-18 |
| Expected Completion | 2025 |
CCDC Grant Details
| Grant Program | General Grant |
|---|---|
| Grant Recipient | Visible Music College |
| Grant Amount | $200,000 |
| Grant Status | Approved |
| Grant Approval Date | October 18, 2023 |