Posted December 29, 2020
A group of Black-owned banks will refinance a major construction loan for the Atlanta Hawks professional basketball team in a deal that organizers hope will spur more investment in Black-owned banks.
Led by Carver State Bank in Savannah, Ga., the group of 11 banks will provide a $35 million syndicated loan to the Hawks for the refinancing of the Emory Sports Medicine Complex, the Hawks’ three-year-old, 90,000-square-foot training and practice facility that also houses Emory Healthcare’s sports medicine program and sports science and research division.
“We are trying to stop extinguishing the [financial] institutions that are at the forefront of making sure Black people survive,” says Ashley Bell, the general counsel of the National Black Bank Foundation.
The transaction was put together by the National Black Bank Foundation, a new nonprofit whose investment unit, the Black Bank Fund, will invest $250 million in capital into Black-owned banks.
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