Mercy Family Health Center (2012), Chicago, IL

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

COMMUNITY IMPACT

Community Health Center: In March 2012, SB Friedman successfully executed a closing on an $8.3 million NMTC financing for the commercial portion of a vertically subdivided, mixed-use project located within a redevelopment area formerly consisting of Chicago Housing Authority (CHA) public housing. As part of CHA’s Plan for Transformation efforts, this facility includes a 27,000-square-foot medical clinic and medical office facility on the lowest two floors, as well as 48 units of mixed-income rental housing (replacement public housing, income-restricted affordable housing, and market-rate units). SB Friedman led the process of structuring the commercial/NMTC portion of the transaction, which also included a $1.75 million pledge of TIF funds from the City of Chicago monetized at closing by the senior lender. The transaction structure allowed recognition of TIF-eligible costs at the “leverage lender” level of the NMTC transaction and integrated numerous financing sources to address a financing gap. The facility opened in summer 2013.

Project Map

Other Healthcare Projects

Village Center

SunTrust Community Capital (STCC) and Harbor Bankshares Corp. provided a total of $19.8 million in financing for Village Center at…

Oakhurst Medical Center

Oakhurst Medical Centers, Inc. is a regional 501(c)(3) Federally Qualified Health Center (FQHC) designated provider of affordable, accessible, high-quality primary…