SOUTH BEND, Ind. (AP): A group seeking to rehabilitate three buildings that were formerly part of a Studebaker Corp. complex in downtown South Bend has secured nearly $23 million in financing.

Entrepreneur Kevin Smith envisions converting the Studebaker complex into a center of innovation with space for manufacturing, technology firms, business incubators, training and education. Smith is CEO of the nearby Union Station Technology Center.

The South Bend Tribune reports the financing is primarily for two buildings that have about 220,000 square feet of space. The entire three-building project covering about 1.17 million square feet is expected to cost $146 million.

Union Station Technology Center spokesman Shawn Peterson says the financing will allow the project to turn the corner and move more aggressively to future phases.