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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 NameVisible Music College
Project Cost$375,000
DeveloperKen Steorts
SF Developed40,000
Approval Date2023-10-18
Expected Completion2025


CCDC Grant Details

Grant ProgramGeneral Grant
Grant RecipientVisible Music College
Grant Amount$200,000
Grant StatusApproved
Grant Approval DateOctober 18, 2023