MassDevelopment has partnered with M&T Bank, The City of Boston, and The Boston Foundation to provide a $2,460,000 financing package for Jazz Urbane Cafe LLC, which will use funds to launch a national jazz club and restaurant and create new jobs in Nubian Square in Boston’s Roxbury neighborhood. JazzUrbane Cafe is leasing approximately 8,000 square feet of space on the first floor of the City of Boston-owned Bruce C. Bolling Building at 2300 Washington St.
The financing package includes a $380,000 equipment loan provided by MassDevelopment as well as a guarantee to enhance the financing package; a $1,630,000 in loan financing provided by M&T Bank; $450,000 in credit enhancement provided by the City of Boston; and a guarantee provided by The Boston Foundation.
“This project demonstrates what is possible through the collaboration of public, private and philanthropic partners,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s board of directors.
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