Brockton, MA (2014)

Brockton Neighborhood Health Center

The NMTC allocation financed Trinity’s rehabilitation of the historic Brockton Enterprise building, transforming the space into a 51,000-sq. ft. commercial building with retail space on the first floor.

Investment

  • NMTC Amount: $17,600,000
  • Total Project Cost: $18,150,000

IMPACT

  • 102 FTE jobs
  • 100 construction jobs
  • 27,589 patients served
  • Project includes a Federally Qualified Health Center.
  • 51,000 sq. ft. of real estate

Investor

Voices from the Community

Brockton Neighborhood Health Center started in 1995 in a medical van hosted in a church parking lot. Today we have several sites serving 37,000 patients, 60% of whom are best served in a language other than English. This growth and the vital services we provide would not have been achieved without the availability of the New Markets Tax Credit. additionally, we have current plans to add additional sites to meet patient demand. We will absolutely need the NMTC support to finance this growth. We urge congress to continued its long-standing support for federally qualified health centers by making this important financing vehicle permanent.

-Melvin Benson, Brockton Neighborhood Health Center, Inc., Brockton, MA

Project Description

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 Financials’ 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, uses 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 financed Trinity’s rehabilitation of the historic Brockton Enterprise building, transforming the space into a 51,000 sq. ft. commercial building with retail space on the first floor. Trinity Financials’ 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 has in the City of Brockton once it is completed.”

Brockton Neighborhood Health Center uses 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.”

MAP

Address: 60 Main Street, Brockton, MA 2301

Census Tract: 25023510900

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