VSEDC Acquires Vermont-Slauson Shopping Center With $22.2M Lendistry Loan

In a significant move for community development and economic empowerment, the Vermont Slauson Economic Development Corporation (VSEDC) has announced its acquisition of the Vermont-Slauson Shopping Center in South LA. This strategic purchase was made possible through a $22.2 million commercial real estate loan from Lendistry, marking a pivotal moment for the area. The shopping center, located at the intersection of Vermont and Slauson Avenues, is a cornerstone of the community, housing essential businesses such as Ross Dress for Less, Superior Grocers, and CVS Pharmacy, alongside a variety of local boutiques.

The transition to community-driven ownership by VSEDC underscores a commitment to prioritizing the needs and well-being of residents over profit-driven motives. This approach aims to safeguard affordable and essential services for the community, ensuring that the plaza remains a vital hub for both goods and services. The move is also designed to protect existing businesses from displacement due to gentrification, while simultaneously fostering an environment that encourages the growth of South LA businesses and residents.

Given its status as a nonprofit organization and Community Development Financial Institution (CDFI), VSEDC faced unique challenges in securing real estate financing. However, through close collaboration with Lendistry, a tailored loan solution was developed to overcome these hurdles. Quentin Strode, President of VSEDC, highlighted the acquisition as "an investment in the future of the Vermont-Slauson Shopping Center and the community," emphasizing the importance of stability and resources in creating a thriving business ecosystem.

Everett K. Sands, CEO of Lendistry, echoed this sentiment, noting both organizations' shared mission to bring opportunities to underserved communities. "Supporting the businesses that support their neighborhoods is an important element of our values," Sands stated. He praised his team's efforts in making the loan work responsibly and expressed pride in Lendistry's role in facilitating VSEDC's impactful work.

About VSEDC: The Vermont Slauson Economic Development Corporation is a renowned community-based nonprofit and CDFI in South LA. It has been instrumental in providing technical assistance and entrepreneurial support to local small businesses, start-ups, and entrepreneurs for decades. Through its various programs, including youth education and entrepreneurial projects, CDFI programs, and fundraising efforts, VSEDC drives community self-sufficiency and facilitates access to affordable housing, goods and services, and job creation.

About Lendistry: Headquartered in a Los Angeles Opportunity Zone, B.S.D. Capital, Inc., doing business as Lendistry, is a minority-led fintech company offering innovative lending products and access to grant programs nationwide. With certifications as both a Community Development Financial Institution (CDFI) and Community Development Entity (CDE), Lendistry is recognized for its effective deployment of funds and commitment to providing economic opportunities for underserved urban and rural small business borrowers.