Lendistry and the Vermont Slauson Economic Development Corporation (VSEDC) have announced that VSEDC will now become the sole owner of the Vermont-Slauson Shopping Center in South LA. This was made possible after VSEDC secured a commercial real estate loan worth $22.2 million from Lendistry.
The shopping center, which is located on the corner of Vermont and Slauson Avenues, is home to essential businesses such as Ross Dress for Less, Superior Grocers, and CVS Pharmacy. Alongside these businesses are several diverse local boutiques that provide vital goods and services to the community.
VSEDC’s community-driven ownership is focused on prioritizing the residents over profit-driven goals. Their approach is to position the plaza strategically to establish enhanced access and support. The plaza remains a hub of affordable and essential services, and VSEDC’s exclusive governance ensures that it continues to be so. This is part of their primary endeavor to expand affordability and protect existing businesses from displacement and gentrification. Moreover, the increased revenue will catalyze initiatives to boost South LA businesses and residents.
VSEDC’s unique structure as a nonprofit organization and Community Development Financial Institution has made it challenging for them to secure real estate financing. However, Lendistry worked closely with VSEDC to address these challenges and developed a tailored loan solution together.
“Acquiring sole ownership is an investment in the future of the Vermont-Slauson Shopping Center and the community. Securing this loan from Lendistry enables us to bind the stability and resources needed to facilitate a business ecosystem that translates into jobs and vital services for our residents,” says VSEDC President Quentin Strode.
“Lendistry and VSEDC are both mission-driven and laser-focused on bringing opportunity to underserved and undercapitalized communities. Supporting the businesses that support their neighborhoods is an important element of our values,” says Everett K. Sands, CEO of Lendistry. “When an organization like VSEDC has a clear vision combined with a solid plan, all that’s left is a financial partner who is willing to say yes and create a pathway to capital. I’m proud of my team who went the extra mile to make this loan work in a responsible way, and Lendistry is proud to be part of VSEDC’s impact.”
