Projects: Health Center
Ronald McDonald House – Akron, Ohio
Nolan Sheehan Patten represented Development Fund of the Western Reserve, Inc. in closing the NMTC transaction, which consisted of QLICI loans to the project sponsor Children’s Family Care, Inc. in connection with the expansion of the Ronald McDonald House of Akron, which serves the Akron Children’s Hospital. This project was funded with $7.5 Million of federal New Markets Tax Credits and will triple the number of rooms available from 20 to 60 and create 135 construction jobs, 8 full time and 3 part-time jobs which will be available to qualified local residents.
Community Health and Social Services Center – Detroit, Michigan
Nolan Sheehan Patten represented Capital Link, Inc. in obtaining a full recourse loan from The Kresge Foundation, and thereafter utilizing the proceeds to provide an upper-tier loan to the Community Health and Social Services Center, Inc., a federally qualified health center in southwest Detroit. The loan proceeds were then leveraged, along with capital campaign funds, grant proceeds and tax credit equity, through the New Markets Tax Credit structure to provide the health center with over $17 million in financing for the expansion and construction of its new primary care and dental facility. We assisted our client in identifying a structure that would deliver appropriate collateral and security for its own full recourse loan obligations while at the same time respecting the NMTC structure.
Lowell Community Health Center – Lowell, Massachusetts
Nolan Sheehan Patten represented Community Health Center Capital Fund, Inc. in connection with a $23 million NMTC financing for the Lowell Community Health Center. The project involved the rehabilitation and adaptive reuse of an approximately 64,000 square foot historic mill building on the Merrimack River in Lowell, Massachusetts. The Lowell Community Health Center provides affordable health care to children and adults and has served the communities of greater Lowell since 1970. This project will allow Lowell Community Health Center to expand its services substantially to the greater Lowell community.
Donald T. Erwin Community Health Center – New Orleans, LA
Nolan Sheehan Patten represented a subsidiary Community Development Entity (CDE) of Capital Link, Inc. in this twinned New Markets Tax Credit and Federal Historic Tax Credit transaction. The structure leveraged the proceeds of grants from the Kresge Foundation and the Louisiana Primary Care Association, a loan from the State of Louisiana’s Office of Community Development, and equity from First NBC Bank through the CDE to provide over $7,000,000 in qualified low income community investment loans to an affiliate of the St. Thomas Community Health Center in New Orleans, Louisiana. St. Thomas used these funds to acquire, rehabilitate and retrofit a well-known historic building in downtown New Orleans into the Donald T. Erwin Community Health Center, an urban health center primarily serving uninsured and underrepresented low-income populations.