LOAN OVERVIEW

Borrower: 546 Elm, LC
Loan Amount: $1,220,500
Location: Charleston, SC
Project Type: Community Business

SITUATION

Matteo and Merced Rapallini, the owners of 546 Elm, built their real estate development firm with a focus on community revitalization through environmentally friendly and socially conscious design. They enjoy creating a sense of community by building spaces that drive economic activity while beautifying neighborhoods. The Rapallinis felt that Maryville, a historically African American Charleston community, was the perfect fit for Frameworks Court, their two-story, mixed-use commercial development. Despite the real estate development experience the Rapallinis had, Frameworks Court was considered a startup and the Rapallinis needed to find a lender who shared their commitment to neighborhood renewal in order to move the project forward.

SOLUTION

South Carolina Community Loan Fund saw 546 Elm’s real estate development experience paired with a vision of equitable revitalization through economic opportunity, and knew this was an opportunity to partner with a borrower whose values aligned with their own. SCCLF also understood that borrowers classified as startups and borrowers needing construction financing often struggle to secure the capital they need to bring their projects to market.  This partnership presented an opportunity to continue to be catalysts for community change through capital access, and so SCCLF loaned 546 Elm $1,220,500 to finance Frameworks Court’s construction.

IMPACT

Frameworks Court will be a mixed-use commercial development that will house a restaurant, three retail spaces, and eight office spaces. This loan will create construction jobs as well as allow 546 Elm to create more job opportunities within their own firm. The true impact of this project will be felt by the Maryville neighborhood, as the goal of Frameworks Court is to provide space for local entrepreneurs to run their businesses and provide job opportunities for neighborhood residents.

Learn more about SCCLF’s Community Business lending program.