Loan Type: Bridge Loan
Total Development Cost: $20,456,135
Times Leveraged: 13.64x
Loan at a Glance:
PCG Capital provided $1,500,000 in concert with Reinvestment Fund to develop The Skills Center’s (TSC) permanent headquarters and additional non-profit space. The completed property will include an indoor sports facility with a multi-court basketball set up for programming. TSC will collaborate with a set of experienced advisors and with four complementary partner tenant nonprofits to develop the property.
Project Summary:
The new headquarters will allow TSC to achieve permanent growth in a stable location with four partners: Computer Mentors Group, CDC of Tampa, Girls Empowered Mentally for Success, and Men of Vision. TSC’s space will be the only facility in East Tampa dedicated to afterschool and summer youth programs, including sports leagues, training, and travel teams.
Borrower Summary:
TSC is a Tampa, Florida-based, Black-led nonprofit organization that has been in operation since 2007. TSC focuses on academic and leadership success for children by connecting them with sports and athletic programs. It intentionally uses athletics to influence academics, life skills, mentoring, health, and more for young people ages 3-18.
Loan Result:
The headquarters will be located between a local high school and a main commercial corridor, which includes the local technical college. Our capital combined with new members tax assets will enable the $20 million project to move forward and support the broader community with job growth, job training, and service delivery. The headquarters building will serve as East Tampa’s premier event space for athletic, corporate, and community events.