Development Fund of the Western Reserve (DFWR) announces its sixth Community Loan Fund project financing

Akron, Ohio (July 2018) – The Akron Community Revitalization Fund (ACRF) is announcing its sixth loan of $1.67M, which is an interim construction loan for the Bowery re-development project in downtown Akron. The Bowery is a proposed six building, $40M mixed use development project which is anchored by the historic Akron Civic Theatre.

The loan was made through the Akron Community Revitalization Fund (ACRF), a $6.75M community endeavor which was capitalized by over thirty philanthropic foundations, individual and corporate grants, new market tax credit equity, and private loans and investments. The ACRF was established to assist with financing important community and economic development projects within Akron’s most economically distressed neighborhoods, providing more flexible rates and terms than is available through conventional financing

Dan DeHoff on behalf of the Bowery development group said, “This loan represents another important step in our re-development of this historic block in Akron’s downtown. We’re excited to partner with DFWR and numerous others who are assisting us to bring this project to fruition. We look forward to arranging completion of our permanent financing soon, and to publicly acknowledge all the participants.”