The Department of Housing and Urban Development on Wednesday approved the backing of a $10 million loan, the next step toward building a hotel development for downtown Jackson’s convention center.
Mark Small, developer of the $209 million Capital Center project, said HUD could close on the loan in four to six weeks. The HUD-backed loan will go to the city of Jackson, which will use it to support the project.
“Once HUD closes on the loan, we can acquire the rest of the property,” Small said. “We’ve already closed on almost $4 million in property for the site.”