Presbyterian Villages of Michigan

New Markets Tax Credit Coalition

Westland,
MI
(2023)

Presbyterian Villages of Michigan

PACE

Capital Impact Partners provided loans totaling $8.4 million ($8.7 million NMTC allocation) for the renovation and expansion of an approximately 6,000 sq. ft. building into an approximately 23,300 sq. ft. “Program of All-Inclusive Care for the Elderly” (PACE) center.

Investment

NMTC Amount: $10,000,000
Total Project Cost: $10,678,510

IMPACT

139 FTE jobs
148 construction jobs
The Center is expected to serve 250 very low income seniors once the building is complete.
23,300 sq. ft. of real estate

CDEs

Capital Impact Partners, USBCDE

Investor

US Bank

Project Description

Capital Impact Partners provided loans totaling $8.4 million ($8.7 million NMTC allocation) for the renovation and expansion of an approximately 6,000 sq. ft. building into an approximately 23,300 sq. ft. “Program of All-Inclusive Care for the Elderly” (PACE) center.

MAP

Address: 360 South Merriman Road, Westland, MI 48186

Census Tract: 26163565800

Other Michigan Projects

Argonaut

Detroit,
MI
(2008)

Adult Education, Business Development, College or Vocational Training, Community, Incubator, Manufacturing, Mixed-use, Schools

CDE(s): Capital Impact Partners, Consortium America, Enterprise Community Partners, Local Initiatives Support Corporation, National New Markets Fund, USBCDE