Mercy Family Health Center (2012), Chicago, IL

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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.

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