News Release From: Jeremy Reynalds, Ph.D.
Founder and CEO
Joy Junction Inc.
Tel: 505 400 7145
This decision is necessary due to multiple changes and unexpected delays with financing and loan closing. Joy Junction Founder and CEO Dr. Jeremy Reynalds said that even though the shelter received written loan commitments from two banks, it is still working to obtain amendments critical to Joy Junction.
Until the preferred loan offer expires, Joy Junction said it will try to get the changes made, and close the loan. Assuming all works well, Joy Junction hopes to break ground in September.
Reynalds said, “If needed, we will take a step back, and seek new options, including private financing. The good news is that we have completed construction drawings, and a long list of pre-construction testing and engineering. We expect to go straight to permit and final bids, once the financing issue is resolved favorably for Joy Junction.”
He added, “Your understanding and continued support for Joy Junction is so appreciated. The dire need for a new dormitory and other construction has not changed. Please know, we are very grateful for your partnership and concern for the homeless.”
For more information visit www.joyjunction.org.