Project
Profiles
Asian American Drug Abuse Program, Inc. (AADAP)
Over Three Decades of Community Service
Business Description: AADAP is a nonprofit 501[c] [3] corporation established in 1972 after an epidemic of Asian youths overdosing on drugs shook the Asian community in Los Angeles. During the last 35 years, the organization has grown with the changing needs of its community by broadening its scope of services from drug abuse prevention/treatments to include HIV/AIDS outreach, drug court assistance and parenting services.
Project Description: The company has experienced an increased demand for its products and required additional facilities to support and to effectively deliver services in the South Los Angeles community.
Project Address: 2900 South Crenshaw Blvd., Los Angeles, CA 90016
Project Amount: $5,000,000
Credit Request: $4,375,000
Purpose: Bridge loan proceeds were used to acquire a 22,500 square foot office building in South Los Angeles to consolidate and expand AADAP's offices and youth services program.
Interest Rate: Sr. Debt 7.375% (Fixed), Jr. Debt Prime + 1.25% (Floating).
Repayment: Conversion to tax exempt 501[c] [3] bonds, cashflow from operations.
Collateral: Deed of Trust(s) on real property located on 2900 South Crenshaw Blvd., Los Angeles, CA 90016.
Census Tract: Tract#2193.00, Minority 98.98%, Poverty 31.99, NMTC eligible.
Closing Date: August 2nd, 2007
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