UP Paper

Manistique,
MI
(2020)

UP Paper

Business Development, Manufacturing, Rural

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill.

Investment

NMTC Amount: $8,000,000
Total Project Cost: $11,740,000

IMPACT

111 FTE jobs

CDEs

Michigan Community Capital

Investor

Project Description

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill. The new financing supported the ongoing development and improvement of the Manistique-based paper company’s operations.

The refinancing consisted of two components: an allocation of Federal New Markets Tax Credits from Michigan Community Capital, which provides favorable terms for businesses investing in defined economically distressed regions; and conventional term and revolving credit facilities with JPMorgan Chase.

MAP

Address: 402 West Elk Street, Manistique, MI 49854

Census Tract: 26153000300

News Stories

Up Paper Completes Refinancing

Other Michigan Projects

Kroger

Romulus,
MI
(2020)

Business Development, Grocery and Fresh Food, Manufacturing, Retail, Retail and Commercial, Warehouse and Wholesale

CDE(s): Michigan Community Capital

This project was for a real estate loan for the grocery store.

E.C. Moore Precision Abrasives

Dearborn,
MI
(2017)

Business Development, Manufacturing

CDE(s): Midwest Industrial Redevelopment Fund

Midwest Industrial Redevelopment Fund provided $500,000 in financing for E.C.

Haven

Pontiac,
MI
(2014)

Behavioral Health, Community, Healthcare, Housing, Mixed-use, Shelters and Community Food

CDE(s): Chase, Cinnaire New Markets

Office space for domestic violence nonprofit and shelter with 16 housing units for victims of domestic violence.

Regent Park Scholars Academy

Detroit,
MI
(2011)

Schools

CDE(s): Liberty Bank and Trust

Financing for a school designed to eliminate the achievement gap and provide quality public school choice for local families.