Wednesday, June 24, 2020

Allegacy FCU Provides $6.5 Million in Financing for Real Estate Project

Richmond BizSense is reporting that Allegacy Federal Credit Union (Winston-Salem, NC) provided $6.5 million line of credit for a development project on the southside of Richmond, Virginia.

The project will redevelop the 15-acre Model Tobacco Company site and transform its main Art Deco-style building into a 275 income-based apartments.

Also, the developers are planning a 47,000-square-foot entertainment venue with a beer garden and restaurant space.

This is an illustration that large credit unions are venturing into financing larger commercial deals.

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