Classic Lake

Proven Track Record

Past Projects

 

Classic Lake has facilitated the placement of over $350 million of investment, providing critical financing for over two dozen community and economic development projects from new construction to adaptive reuse and historic rehabilitation across the country. Classic Lake provides supportive services to municipal agencies, real estate and housing developers, small businesses, healthcare and education institutions, fresh grocers, non-profits, and financial services firms, enabling them to bridge capital gaps. Classic Lake also works with developers to increase outreach and hiring of minority- and women-owned businesses to address workforce equity.

Project Locations

 
 

Memphis Union Mission - Memphis, TN

Classic Lake on behalf of HOPE Enterprise Corporation (“HOPE”) closed a $14,000,000 New Markets Tax Credit (“NMTC”) investment in support of Memphis Union Mission’s (“MUM”), The Opportunity Center, Phase 2 on March 14, 2022.

Located at 383 Poplar Avenue in Memphis, Tennessee, Phase 2 entails the new construction of a 21,270 square foot secure access facility that includes space for between 104 and 112 beds, a large community room, circulation areas, and two counseling offices. Phase 2 also includes the development of a large gathering area with seating, tables, and an exterior courtyard. The Project will allow MUM to provide emergency shelter to 2,000+/- homeless men annually, combined with supportive services including meals, clothing, residential recovery for substance abuse, referrals to long-term recovery, counseling, and housing referrals. Many of the beds in the Project will be used for emergency, “transient basis,” services (“Shelter Beds”). These Shelter Beds are those occupied for less than 30 days at a time. Individuals using Shelter Beds will also be participating in MUMs recovery programs. Recovery programs are nonclinical services that assists individuals and families working toward sustained recovery from substance use and other criminal risk factors.

Classic Lake negotiated significant community impacts that align with HOPEs Deep South Economic Mobility Collaborative and Supplier Diversity Initiative to include:

  • Memphis Union Mission commits to using best efforts to add at least 2 Black members to its Board of Directors within the 7-year compliance period.

  • Five of the construction subcontractors will be Minority and Women Owned businesses.

  • At minimum, 35% of future purchases of materials, services, and contracts will be awarded to Minority-Owned and Women-Owned Businesses.

https://www.memphisunionmission.org/

Angelique PoissonMemphis Union Mission