Healthcare | New Markets Tax Credit Coalition

Hamilton Health Center

The Project involves acquisition and adaptive re-use of a 67,000 SF unimproved warehouse. Extensive external and internal remodeling will enable HHC to double its examination rooms: Adult Medicine – 11 to 20; Pediatrics – 7 to 18; Women’s Services – 5 to 17; Dental – 8 to 12; for a total of 31 rooms to 67 rooms. The new facility will increase clinical waiting room space from 700 SF to 5,200 SF, and house a new 7,000 SF patient education and training facility.

Brockton Neighborhood Health Center

Through its tax-exempt bond and New Markets Tax Credits programs, MassDevelopment has invested $26.13 million in housing and health center projects in downtown Brockton. The Agency issued a $9.7 million tax-exempt bond on behalf of and provided a $7 million New Markets Tax Credit allocation to Trinity Financial’s Enterprise Block redevelopment; and issued a $9,431,000 tax-exempt bond on behalf of the Brockton Neighborhood Health Center. “Low-cost, innovative financings like these are crucial to the transformative redevelopment of Brockton,” said MassDevelopment President and CEO Marty Jones. “The City of Brockton, Trinity Financial, and the Brockton Neighborhood Health Center are all longtime MassDevelopment partners, and we’re pleased to spur economic growth in this Gateway City.” Trinity Financial, a Boston-based developer that is the project sponsor, will use bond proceeds to build a 42-unit artist live/work apartment building on the site of the former Gardner Building at 62 Centre Street. The New Markets Tax Credit allocation will finance Trinity’s rehabilitation of the historic Brockton Enterprise building, transforming the space into a 51,000-square-foot commercial building with retail space on the first floor. Trinity Financial’s multi-phase, transit-oriented revitalization of the Enterprise Block aims to preserve the historic and cultural heritage of downtown Brockton and promote sustainable mixed-use development that fits with existing infrastructure. The residential component of the revitalization effort includes 113 total units, an artist’s gallery, on-site property management, and an underground parking garage. “The Enterprise Block redevelopment project is a complicated undertaking that required some very creative and flexible financing in order to come to fruition,” said Trinity Financial Vice President Kenan Bigby. “MassDevelopment’s value was evident, not only in the financial resources that they made available, but also in the thoughtful and collaborative approach that their staff took in making this transaction work. Trinity is excited to see the positive impact that this project will have in the City of Brockton once it is completed.” Brockton Neighborhood Health Center will use bond proceeds to refinance previous debt, securing a lower interest rate for the Center and freeing financial resources for its healthcare services in low-income areas. MassDevelopment also provided a $25,000 grant to the Brockton Neighborhood Health Center in 2011 through the Agency’s Community Health Center Grant Program. Boston Private Bank purchased the Trinity bond, and RBS Citizens purchased the Brockton Neighborhood Health Center bond. “We’re thrilled to refinance our debt through the MassDevelopment tax-exempt bond program,” said Sue Joss, CEO of Brockton Neighborhood Health Center. “Our monthly mortgage payments have been cut in half, which will give us additional resources to invest in increasing our services to our patients and to our community.”

Remington Row 1

Remington Row is a 250,000 square foot mixed-use, new construction project in the heart of the Remington neighborhood in Baltimore, Maryland. It is the first of several, planned redevelopment projects along three adjacent blocks, designed to fill a need for community services, retail and reasonably-priced apartments and to catalyze further investment in the neighborhood. The building features a 30,000 square foot health clinic, 15,000 square feet of retail, 108 apartments, and three floors of underground parking. The apartments are priced below-market, and 20 percent of the units are affordable to families earning less than 80 percent of area median income.

HealthRIGHT 360

HealthRIGHT 360’s project involved the acquisition and renovation of a 48,000 square foot building in the heart of San Francisco. The new building opened its doors in 2017 as an integrated health care center for low-income and safety-net patients, offering a comprehensive array of services including primary medical and chronic disease treatment, dentistry, mental health services, substance use disorder treatment services that address the social determinants of health (housing, employment, education, computer literacy and wellness), and a low-cost pharmacy. The facility includes 30,000 square feet of medical space which includes dental services and a pharmacy, 10,000 square feet of mental health and social service space and 10,000 square feet of administrative space.

Esperanza Health Center

The project is to purchase a former bank and finance a full renovation and adaptive reuse as a health care clinic. This project will double the size of the clinic and will include a parking structure which will be developed on land purchased from the city.

Norfolk Medical Office Building

A $10 million state & $5.3 million federal NMTC financing to construct a new 83,493 square foot medical office complex, offering a wide variety of medical services not otherwise found in Norfolk, including physical therapy, pediatrics, family practice, internal medicine, imaging, lab, orthopedics, specialty clinic, surgical/oncology, pain, and an ambulatory surgical center.

Hospital Menonita Caguas

Investor: Capital One, N.A. Hospital Menonita Caguas is a 246-bed Acute Care Hospital located in Caguas, Puerto Rico whose primary function is to provide inpatient diagnostic and therapeutic services for a variety of medical conditions, both surgical and non-surgical, to a wide population group. The Project had multiple facets, including the renovation and refurbishing of the Hospital’s 4th Floor into a new, 11,021 SF Inpatient Rehabilitation Facility (IRF) with 18 beds, along with an Intensive Care Unit (ICU). In addition to the 4th floor renovation, Hospital Menonita Caguas planned to refurbish an adjacent facility into 20 medical offices to provide better access for residents to preventive care and better leverages the medical resources available at the Hospital. Hurricanes Irma and María had a significant effect on resident health, mortality and access to care in Puerto Rico making this project even more important to the community. Overall, the Project retains 592 jobs, while creating 55 full-time, permanent positions and an estimated 60 construction jobs.

Byron Health Center

Byron Health Center, $12.5 million. Byron Health Center is a non-profit facility that provides long-term health care, memory care, skilled nursing care and physical and occupational therapy for vulnerable populations who have multiple diagnoses. The center will be re-locating from Lima Road to the corner of Beacon Street and Lake Avenue.

Scranton Counseling Center

The adaptive reuse of a historic cornerstone building at 329 Cherry Street in downtown Scranton. The rehabilitated building will be the site of SCC’s behavioral health clinic and administrative offices, as well as a pharmacy and primary health clinic to provide support services for the clinic’s clients. For the last 40 years, it has been operating out of a former Sears department store that was adequate but certainly less than desirable for its needs.

Waianae Coast Comprehensive Health Center: James & Abigail Campbell Nanakuli Clinic

The new clinic will expand its current size by four times, as well as grow its scope of services to include primary care, behavioral health, nutrition, case management, and an in-house pharmacy to serve an estimated total of 8,500 patients in the Nanakuli community.