Carson City student housing project secures $7M loan, $15,000 donation from Plumas Bank
Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, announced a donation of $15,000 to assist in a project by Friends in Service Helping, also known as FISH, in Carson City. The money will go directly to the FISH Student Housing Revitalization Project which aims to contribute to affordable housing and workforce development in the area. The project is a student housing initiative comprising three 3-story buildings, including two 18-unit apartment complexes and a commercial building.
In addition to the $15,000 donation, Plumas Bank facilitated a $7.7 million capital loan to support ongoing construction after FISH successfully raised $12.7 million of the approximately $17 million project cost. Plumas Bank understood the critical community importance of this project and was able to find a creative solution and ensure the project had the necessary funding to be completed as additional donations came in.
“Thanks to many generous community donations, we had raised about $12.7 million for the project, but we’re unique in that FISH doesn’t rely on the government for funding,” said Jim Peckham, executive director of FISH. “Less than 1% of our budget is from the government. The community supports us, as do local foundations and businesses through donations. Plumas Bank helped us find a solution to close that funding gap and move the project forward.” Plumas Bank was able to structure the loan based on FISH’s unique business model that leveraged existing assets through a construction loan and a line of credit.
“We are thankful for Plumas Bank’s support, as well as the hundreds of other supporters, as our organization aims to help in two of the more significant issues in our region – lack of affordable housing and a lack of a skilled workforce in trade jobs,” added Peckham. “This project takes the barriers out of the way so these underemployed individuals have the opportunity to make a bigger impact for themselves, for their families and for the community at large.”
“This week, Plumas Bank celebrates its 43rd anniversary of helping local communities in our region to thrive,” said Ty Nebe, Plumas Bank senior vice president and commercial/ag loan officer serving the Sierra Region. “As a community bank, we’re absolutely committed to the communities we serve and we see the opportunity to help those potentially struggling to find a career through the amazing efforts of FISH in Carson City.”
The complex is on Carson City’s main thoroughfare and is taking over a formerly blighted motel site that was once called the Whistlestop Inn. FISH will now use this new space to open a transitional career training space — as well as subsidized housing — for adult students in trades programs working to move from minimum wage jobs to stable careers.