Shuman Development Group
Owner: Alan Shuman
Location: Reading, PA
Business: Real Estate Development
Purpose of Loan: Building Redevelopment
Impact: Affordable Housing / Economic Security
Alan Shuman, CEO of Shuman Development Group, sees opportunity where others just see blight. Several years ago, he looked at an abandoned factory building (formerly part of the Reading Outlet Center) sitting vacant and deteriorating in northeast Reading and envisioned a vibrant mixed-use site that could someday spur further revitalization in the low-income neighborhood. The Big Mill Apartments project was born.
Alan, who previously worked with Community First Fund on significant redevelopment projects, reached out to us once again for financing help. Backed by a New Markets Tax Credit allocation, Alan and his team had nearly finished the renovation when an arson fire almost destroyed the building and set the project back 18 months.
Literally rising from the ashes, Big Mill Apartments opened in 2016 with 69 affordable-rate apartments on five floors and 42,000 square feet of commercial space on the first floor with the potential to create up to 150 local jobs. It is visionaries like Alan who tackle the big projects that transform our communities.