October 8, 2013
The NDC New Markets Tax Credit (NMTC) Closing and Asset Management team have had a busy fall, we are proud to announce the closing of three NMTC deals in the month of September. Congratulations to the projects, our partners and the investors. Below is a list of the projects that have created a total of 1,138 construction and permanent jobs in low-income communities.
East Ohio Gas- Cleveland, OH
East Ohio Gas (EOG) will be a 350,000 square foot mixed use project with a residential and retail component. K & D Group will redevelop the vacant East Ohio Gas building into 223 units of housing, 10,300 square feet of retail space and a parking garage with 550 spaces. The NMTC equity will ensure that 45 of the apartments will be brought to the market as affordable units. The project is located in the heart of Cleveland’s “NineTwelve” Redevelopment District, which the City of Cleveland has designated to be of critical importance to the stabilization of the downtown area. The goal of the district is to create a distinct neighborhood within downtown Cleveland that is dynamic and vibrant, creating a new identity for the floundering former financial district.NDC’s $8 million Qalified Equity Investment in the $63 million project was combined with NMTC allocation from PNC Bank and the Cleveland Development Advisors, resulting in the creation of 200 construction jobs and 66 permanent jobs.
The MED- Memphis, TN
The Regional Medical Center of Memphis (The MED) will undergo an 82,000 square foot renovation of existing space. The renovation of The MED’s Turner Tower will create a new Outpatient Ambulatory Surgery Unit shifting current volume from the main operating room, to allow for an additional 1,400 surgeries over the next five years. The MED, chartered in 1829, is a nonprofit hospital that provides accessible and quality healthcare for roughly 148,000 low income patients each year. The MED also contains the only Level 1 trauma center throughout a five state region that receives over 4,500 admissions annually. The NMTC equity generated will lessen the burden on the non-profit hospital allowing them to put additional resources toward future facility improvements. NDC’s $7 million Qualified Equity Investment in the $31 million project was combined with financing and NMTC allocation from SunTrust Bank, Community Hospitality Healthcare Services and River Gorge Capital resulting in the creation of 200 construction jobs and 132 permanent jobs.
Roswell Park- Buffalo, NY
Roswell Park Cancer Institute (RPCI), is America’s first cancer center founded in 1898 by Dr. Roswell Park. The non-profit institute has been providing hospital care to a medically underserved area in Buffalo, NY for over 100 years. With the assistance of the NMTC Program, RPCI will construct a 140,000 square foot Clinical Science Center (CSC) building on its campus. The 11-story CSC building will connect the Main Hospital to a new Research Center and expand the Institute’s Cancer Prevention program space by 100%. Benefits include space for administrative offices previously held in the Main Hospital and space for up to 10,000 additional community mammogram screenings to be performed each year. The institute also plans to work with several area nonprofit and governmental organizations to recruit low-income employees to fill jobs created by the project. NDC’s $8 million Qualified Equity Investment in the $46 million project was combined with financing and NMTC allocation from Chase Bank, Building America CDE and Dudley Ventures, resulting in the creation of over 200 construction jobs and 340 permanent jobs.