The Kent Lofts project was an adaptive re-use of a historic manufacturing building into 66 loft style, affordable market rate apartments. The Catalytic Fund provided an acquisition loan that allowed the development group (Ashley Commercial, Orleans Development, and Vision Realty Group) to solve the project’s complex pre-development issues and assemble the capital stack to fund construction. Once the developers obtained construction financing, the Catalytic Fund provided a subordinate loan to bridge receipt of Historic Tax Credit equity.