Massachusetts Green High Performance Computing Center: he Massachusetts Green High Performance Computing Center (MGHPCC), New England’s first high performance computing center. The financing will help fund the acquisition, construction, and permanent financing of the 90,300-square-foot center in Holyoke.
In 2009, MHIC provided $19.9 million in New Markets Tax Credit financing for construction of a new, seven story, in-patient medical facility with 126 beds for the Baystate Medical Center (BMC). The largest of the hospitals in the Baystate Health System, BMC is an academic teaching hospital that serves as the western campus of Tufts University School of Medicine. The new, state-of-the-art medical facility, which will feature the latest advances in health care and sustainable construction, will enable BMC to significantly expand and update medical services available in western Massachusetts. It is expected to create 550 permanent full time jobs, increase local economic activity, and help stabilize the neighborhood. BMC is located in South Springfield, one of the most economically disadvantaged communities in the Commonwealth. MHIC was one of six Community Development Entities that together are providing $107 million in New Markets Tax Credit financing. The $246 million project is also utilizing tax exempt bond financing. This NMTC project is the construction of a new 126 bed hospital buidling that is 7 stories and 638,993 sg ft. It is adjacent to BMC’s other facilities.
A privately-owned company in western Massachusetts — Apex Resource Technologies — got an infusion of $5 million, giving the company the working capital needed to expand its business and workforce. In 2009, MHIC teamed up with Pittsfield Cooperative Bank to craft an innovative loan structure combining a bank loan with gap financing available through the use of the New Markets Tax Credit program. The bank provided a $1 million working capital loan to Apex Resource Technologies (Apex), and a $3 million loan to MHIC that was used to access an additional $1 million in tax credit capital, which was, in turn, loaned directly to Apex. Apex provides engineering, design and manufacture of injection molding products, including plastic components used in the medical, industrial and communications fields. It recently added a promising new product line of implantable medical devices for use in surgical procedures. Apex sought financing so that it could exploit opportunities for growth in the medical device and implantable industry. A company with world-wide sales, Apex currently employs approximately 60 people; it expects to grow 20-30 percent over the next few years.
Elms College used the NMTC to construct a new Center for Natural and Health Sciences. The center is designed to provide modern facilities to better prepare students for careers in nursing, science and technology. “Completion of the Center for Natural and Health Sciences realizes a longstanding need for state-of-the-art facilities to support our growing programs in nursing, health and physical sciences and computer information technology,” Elms President Mary Reap said in a press release. “We are truly grateful to our board of trustees and the many donors who’ve made this possible.” The new facility was financed with $12 million in New Markets Tax Credit financing from Massachusetts Housing Investment Corp., with PeoplesBank and United Bank as investors. Financing for the project also came from a capital campaign and from tax-exempt bond proceeds lent to Elms College by a consortium of local banks, led by Chicopee Savings Bank.
The Caring Health Center project was the rehabilitation and adaptive reuse of three contiguous buildings in the Smith Carriage Company Historic District of Springfield, which improves healthcare in a medically underserved area. The $21.5 million project has a 45,000 square-foot community health center, including 30 new exam rooms, 12 new dental operatories, a wellness center, pharmacy, and administrative space. Currently, only 25% of low-income residents in Caring Health Center’s service area are accessing medical care. Building the new facility doubled the Center’s capacity to serve low-income medical and dental patients and permitted the repurposing of the previous Main Street clinic into a Maternal and Child Health Center.
Way Finders is building a new 32,780 SF state-of-the-art integrated housing center in Springfield, MA. Way Finders is a nonprofit organization with a 40-year history in facilitating access to housing and homeownership in Western Massachusetts and provides a wide range of services to tenants, homebuyers, homeowners and rental property owners. Once open in early 2020, the housing center will allow Way Finders (formerly HAP Housing) to provide housing assistance, financial literacy education, job search help, vocational education and first-time home buyer programs to more people. It expects to boost the number of families through its doors from about 20,000 a year now to 30,000 a year or more.
Educare Springfield, the first Educare school in Massachusetts, will soon serve 141 Head Start-eligible young children and their families with a full-day, year-round early education program. The school, located in the highly distressed Old Hill neighborhood, will be a landmark lab school for best practices and an essential resource for Springfield College, Springfield Technical Community College, Springfield Public Schools and the early education community across the state for training and providing professional development for future teachers, social workers, and researchers. Educare Springfield will also pursue opportunities for partnerships and collaborations in the local community. The project would not have been possible without financing from the New Markets Tax Credit (NMTC) from MassDevelopment, the hard work of foundations, city and state officials, and two anonymous donations.
The newly-restored and expanded library will provide after-school programs for disadvantaged youth, a specially-designed young-adult room, Internet resources, computer skills training, summer reading programs and many other programs for children and adults in this community.
The Holyoke Health Center (HHC), closed in March 2005, represents the first transaction of its kind in the country to combine the Federal loan guaranty program available to nonprofit community health centers from the Health Resources and Services Administration (HRSA), within the Federal Department of Health and Human Services, with New Markets Tax Credit and federal rehabilitation tax credit financing, and it is expected to become a prototype for other community health facilities nationwide. Catalyzed by the success of the HHC transaction, two other Massachusetts-based community health centers have already approached MHIC for a similar financing package.
This project involved the complete restoration of a historic theater (built in 1903) that had been closed for 50 years. Located in downtown Pittsfield, the theater is considered an architectural gem and one of the most acoustically perfect auditoriums in the world. Periodic attempts to redevelop the theater failed for lack of financial resources and sustained public support. Along came a group of forward-looking individuals and civic leaders who shared a vision of revitalizing Pittsfield as an arts center, with the redevelopment of the Colonial Theatre and a new cinema center (the Beacon Cinema, also developed using MHIC’s New Markets Tax Credit financing) at the heart of that vision. When redevelopment of the theater became a top priority in advancing Pittsfield’s strategy to become an arts center, political leaders along with civic and business leaders worked tirelessly to attract the necessary resources. MHIC’s financing made the critical difference in moving the project forward because it bridged the difference between total development costs and what could be raised philanthropically and from federal, state, and local grants.