Capitalize Albany Real Estate Loan Program
Below-market real estate financing for Albany redevelopment projects that revitalize property and retain or create jobs.
About this program
Capitalize Albany Corporation's Real Estate Loan Program provides long-term, fixed-rate, below-market financing for qualifying real estate development projects in the City of Albany. The program supports property revitalization and job retention or creation for city residents, with preferred projects involving vacant or underutilized strategic properties that can have a positive revitalizing effect on the community. Loan proceeds may be used for construction, fixed asset financing, building acquisition, rehabilitation costs, tenant fit-up for new business locations, furniture, fixtures, equipment, expansion, or conversion of facilities. Loans may not exceed 40 percent of total project cost and borrowers are expected to provide at least 10 percent owner equity.
Eligibility
Qualifying real estate development projects in the City of Albany that revitalize property, support business locations, and retain or create jobs, especially vacant or underutilized strategic properties.
Requirements
- Propose a qualifying real estate development project in the City of Albany
- Show that the project will support property revitalization and job retention or creation
- Use funds for eligible costs such as acquisition, construction, rehabilitation, fixed assets, tenant fit-up, furniture, fixtures, equipment, expansion, or conversion