Featured:

Summer Town Estates

Dededo, GU (2016)

CBO Financial funded $5.0M in New Markets Tax Credit financing for the Summer Town Estates Commercial Center.

COMMUNITY IMPACT
  • 23 FTE jobs
  • 45 construction jobs
FINANCING SOURCES
  • NMTC amount: $1,450,251
  • Total Project Costs: $5,452,334
  • CDE:
PROJECT LOCATION

134 Chalan Katne

Dededo, GU 96929

Project Description

CBO Financial funded $5.0M in New Markets Tax Credit financing for the Summer Town Estates Commercial Center. The Center offers commercial goods and social services that improve the quality of life for low-income seniors, disabled individuals, and families residing in a surrounding low-income housing development and the local community. The mixed-use facility consists of a 5,200 sq. ft. neighborhood shopping center and laundromat, a 3,500 sq. ft. restaurant and a 9,000 sq. ft. community event center. The project sponsor and owner is Core Tech International (CTI). Since inception in 1991 CTI has grown from humble beginnings to become Guam’s 2nd largest private employer as a diversified company and is Guam’s largest affordable housing developer, non-bank financing firm, property management firm and contracting company. CTI was instrumental in helping the local government access the Low Income Housing Tax Credit (LIHTC) program for the first time in 2005, and continues its efforts to bring outside resources to Guam.