Evernorth Rural Ventures, a subsidiary of Evernorth, is pleased to announce the closing of an $8.9 million New Markets Tax Credit (NMTC) investment for the expansion of Penobscot Community Health Care’s (PCHC) Seaport Community Health Center (SCHC) in Belfast, Maine. The NMTC financing is Evernorth Rural Ventures first investment in Maine and will allow SCHC to respond to a growing medically underserved population.

The NMTC investment will finance Penobscot Community Health Care’s renovation and fit up of ‘Building 5’ within the large and former MBNA Bank of America complex in Belfast to become the expanded Seaport Community Health Center. The financing enables the clinic to expand their footprint and attract new providers to serve patients in the Belfast community.

The financing package for the expansion includes Capital One as the NMTC equity investor to Evernorth Rural Ventures, Primary Care Development Corporation and the Federal Health Resources and Services Administration.

Evernorth Rural Ventures’ NMTC financing closes a nearly $3 million gap in project funding, which stalled the expansion project for two years. The expanded facility will allow the Seaport Community Health Center to add 11 new full-time positions to its current staff of 41. The Center’s service capacity will grow by approximately 17% to over 32,200 medical and behavioral health visits and 8,445 people annually.

Penobscot Community Health Care is the largest federally qualified health center (FQHC) in Maine, employing over 850 full-time employees in Maine, and the 2nd largest in New England. PCHC started in 1997 as a small, single clinic community health center and has grown to include 21 clinical sites covering three counties. PCHC’s mission is to provide comprehensive, integrated primary health care services for all to improve the health and wellbeing of its patients and the Maine communities they serve.

The new facility is expected to open in April 2024. Dunbar & Brawn Construction is the general contractor.