Crain's Chicago Business: Urban Partnership Bank and Gotham Greens

 

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Rooftop garden at new Pullman factory lands loan

New York-based produce company Gotham Greens secured a $4.8 million loan to finance a two-acre greenhouse on the roof of the new Method Products factory in Chicago's historic Pullman neighborhood. “The loan from (Chicago-based) Urban Partnership Bank is one part of the financing that is contributing to the construction costs,” said Viraj Puri, cofounder and CEO of Gotham Greens. “Construction of the plant is just about completed and we will be operational this summer.” Method, which makes eco-friendly cleaning products, partnered with Gotham Greens to build, own and operate the greenhouse, which will insulate half of its newly opened factory from summer heat and winter cold. The greenhouse will employ about 50 people and produce more than 1 million pounds of produce per year for an area lacking in local food, Puri said. He would not disclose total construction costs. Marcia Nicholson, senior business banker at Urban Partnership Bank—which has eight Chicago locations, including one in Pullman—said Gotham's contributions to the Pullman neighborhood fit well with the bank's mission as a community development financial institution