The Catalytic Fund has reached its 100th project, backing the redevelopment of a former warehouse in Covington’s Westside neighborhood.
Orleans Development is converting the long-vacant building into 39 market-rate apartments. The Covington-based firm received an acquisition and pre-development loan from the Catalytic Fund, a Community Development Financial Institution focused on Northern Kentucky real estate projects.
The Catalytic Fund is a nonprofit categorized as a Community Development Financial Institution. Such organizations provide financing for development projects that would otherwise be financially untenable. The fund focuses on developing housing, mixed-use developments the revitalization of key commercial corridors.
Since its founding in 2013, the Catalytic Fund reports that its $32 million investment pool has supported over $500 million in development without any loss of investor capital, according to a recent news release.
Its past projects include Hotel Covington, Boone Block Lofts, and Kent Lofts in Bellevue. More recent investments have been directed toward the Burton Building in Dayton and SparkHaus, an entrepreneurship hub in Covington.
“Reaching this milestone of 100 successful projects is a huge accomplishment for our
team,” Catalytic Fund CEO Jeanne Schroer said in the release. “These projects represent both the financial success of our strategy and the community impact of our
investments. We look forward to continuing our work to create new opportunities for both businesses and residents and, together with our growth organization partners,
strengthening Northern Kentucky’s economic landscape.”
Looking ahead, the organization plans to create an additional fund dedicated to housing and expand its investment area beyond the river cities into more communities in Boone, Kenton and Campbell counties.
A community celebration is set for Oct. 15 to honor outgoing founding board chair Chuck Scheper, welcome incoming chair Bernie McKay, and mark the 100-project milestone.
