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Chicago, IL (2012)

Mercy Family Health Center

NMTC financing for the commercial portion of a vertically subdivided, mixed-use project located within a redevelopment area formerly consisting of Chicago Housing Authority public housing.

Investment

  • NMTC Amount: $8,134,000
  • Total Project Cost: $8,378,990

IMPACT

  • 120 FTE jobs
  • 220 construction jobs
  • 26,390 patients served
  • Project includes a Federally Qualified Health Center.

Investor

Project Description

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 sq. ft. 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.

MAP

Address: 3744 South Cottage Grove Avenue, Chicago, IL 60653

Census Tract: 17031360200

Related Projects

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Culpepper, (2011)