Vermont Slauson Economic Development Corporation Secures $22.2 Million Loan to Purchase Local Shopping Center
Quentin Strode, President & CEO of Vermont Slauson Economic Development Corporation ● Photo Credit: Lendistry
LOS ANGELES, May 9, 2024 (VSNewsNetwork.com) - The Vermont Slauson Economic Development Corporation (VSEDC) has acquired the Vermont-Slauson Shopping Center in South LA, thanks to a $22.2 million commercial real estate loan from Lendistry, a Los Angeles-based nationwide fintech lender.
Located at the intersection of Vermont and Slauson Avenues, the shopping center hosts key businesses including Ross Dress for Less, Superior Grocers, and CVS Pharmacy, alongside various local boutiques that serve the community's needs.
The VSEDC, a nonprofit organization and Community Development Financial Institution, aims to ensure the shopping center remains a community hub offering affordable and essential services. This strategic acquisition is part of VSEDC's efforts to enhance access, support local businesses, and prevent displacement and gentrification caused by rising commercial rents.
"Acquiring sole ownership is an investment in the future of the Vermont-Slauson Shopping Center and the community," said Quentin Strode, President of VSEDC. "Securing this loan from Lendistry enables us to provide the stability and resources needed to foster a business ecosystem that translates into jobs and vital services for our residents."
Everett K. Sands, CEO of Lendistry, highlighted the synergy between the two organizations' missions. "Lendistry and VSEDC are both mission-driven and laser-focused on bringing opportunity to underserved and undercapitalized communities," Sands stated. "Supporting the businesses that support their neighborhoods is an important element of our values."
The collaboration between Lendistry and VSEDC was key in overcoming the challenges typically faced by nonprofit entities in securing real estate financing, leading to a tailored loan solution that will help increase revenue and catalyze further community development initiatives in South LA.
For more information, visit www.vsedc.com and www.Lendistry.com.
Source: Lendistry via Newswire
