Real Estate Fast Track Program Launch

Photo by Guillaume TECHER

NEW YORK, NEW YORK – UMEZ is launching an exciting new business investments program, the Real Estate Fast Track Program (“REFT Fund, REFT Program”), for emerging developers in the Upper Manhattan area. Real estate developers face significant up-front costs related to their development projects. These costs are often funded by the developers themselves and are not covered by other funds specific to the physical development of a project. UMEZ assessed a need in the community for emerging developers that may be limited by the financial strain of fronting those initial costs related to development projects. From this, UMEZ devised a program that addresses that need in a thoughtful way and has fewer barriers to entry. UMEZ is thrilled to unveil this program in order to further advance its mission of supporting small businesses and promoting job creation in the Upper Manhattan community.

“The REFT Program positions emerging developers, who have projects in Upper Manhattan, to scale and increase capacity,” said Blair M. Duncan, president and CEO of UMEZ. “These funds will provide them with the capital they need to expand their business, drive economic development, and create jobs in our Upper Manhattan communities.”

This program will finance a portion of pre-development costs associated with real estate development projects. The REFT Fund is capitalized with up to $5 million of lending capital. The loan amounts will reach up to $500,000 and the pre-development loan can be used to meet up to 75% of the pre-development financing needs of an eligible project. To learn more about the REFT Program, please click here.