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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