Citi reaches $15M financing agreement for Bed Stuy’s Restoration Plaza

November 23, 2009 03:31PM

Citi has agreed to provide approximately $15 million in financing for the renovation of Restoration Plaza in Bedford Stuyvesant, an educational and economic hub of the neighborhood. Citi, which has a decades-long relationship with the plaza’s developer, Bedford Stuyvesant Restoration Corporation, will provide an $11.4 million short-term bridge loan and a $4 million New Markets Tax Credit Investment. In a statement released today, Colvin Grannum, president and CEO of the Bedford Stuyvesant Restoration Corporation, said that the plaza is essential to economic and educational growth in the neighborhood. “Our mission is to improve the quality of life of Central Brooklyn by fostering economic self sufficiency, enhancing family stability and growth, promoting the arts and culture and transforming the neighborhood into a safe, vibrant place to live,” Grannum said. On top of the multi-million dollar financing commitment, Citi also announced that it will donate $200,000 to the corporation’s Center for Financial Empowerment, which helps distressed residents reorganize their finances. TRD