Thanks to loans and donations from the LENDonate network of investors, the organization was able to embark on an ambitious new artist housing project!
LENDonate LOAN DETAILS
ORGANIZATION: Berkeley Repertory Theatre
LOAN AMOUNT: $37,500,000
LOAN TYPE: Tax-exempt private bond
USE OF FUNDS: Real estate construction and debt consolidation with below 4% interest rate fixed for 10 years
SOURCE OF REPAYMENT: Earned income, donations and grants
Prior to LENDonate, this nonprofit applied to multiple banks and CDFIs on their own over the past 5 years without success. Now with funding secured, Berkeley Rep will embark on an ambitious new artist housing project, directly next door to its two theatres: the Roda and the Peet’s.
The new building, in the heart of the arts district, will provide vital housing for Berkeley Rep’s visiting artists as well as the young professionals who are awarded fellowships every year.
The new building is designed to be LEED Gold certified and to reduce Berkeley Rep’s carbon footprint by housing talent next door to the theatre and eliminating the need to drive between various rental properties and the theatre.