Narthex One Newsletter – Q4 2024
Strong finish to a great year
A message from Rob Boyer, CEO
Happy New Year, everyone!
The Narthex team was busy last quarter working on a new strategic plan. With help from Wisdom Partners out of San Francisco, we have crafted an exciting roadmap to grow to 100 churches over the next seven years.
The new Narthex Impact Fund successfully launched. We raised $500K in December, and the first acquisition in the new fund is happening this week. Our tenant pipeline continues to grow — 92 churches, daycares, and schools are currently looking for space to lease. We also have a growing number of churches from around the country who seek us out for advice and coaching on church real estate.
I'm pleased to report that we are close to a deal for the sale of Cornerstone Church. A church/head start program is the potential buyer. They have a few regulatory hurdles with the state, but we are hoping to close before year-end.
We are actively selling Grace Paseo. We had a contract that fell through last fall and are hoping to get it sold this spring. With Providence School as the only tenant, the rent is subpar. We could lease the space to a church, but my preference is to get it sold. We also anticipate the sale of St. James this year.
City of Truth Church at Our Lady of Lourdes is a great success story — they are up to three services on Sunday and more than 2,000 weekly worshippers.
I'm excited about 2025 — it's going to be a great year! As always, thanks for being on the journey with us.
Spiritual impact
Congratulations to Pastor Magdiel Salas and his church, Gracia Abundante. Pastor Salas has been a tenant of ours for the past four years through our church partnership program. Having outgrown their current space, Narthex provided them loan assistance to acquire this property and make it their own. Through the Narthex Loan Guarantee program, they were able to secure a loan at a lower interest rate and with more favorable repayment terms. We are thrilled when we see our tenants grow and thrive and with this new building, they will be well positioned to advance the Kingdom and grow their ministry.
