City First New Markets Fund II closed its first NMTC transaction of 2016 on February 4th. CFNMF II provided a $10MM allocation to support Building Bridges Across the River’s phase III expansion of Town Hall Education Arts Recreation Campus (‘THEARC’), which will add a three-story third building to the campus, whereby adding 92,000 sq. ft. to its current 110,000 sq. ft. footprint. Along with City First’s investment, an additional $22.25 million in NMTC financing came from Enterprise Community Partners, SunTrust, and Low Income Investment Fund. The phase III expansion will allow THEARC to create even more demonstrable impacts by providing below-market space to the following pillars of the community:
- Children’s National Health System will double its capacity by providing pediatric care to the most vulnerable children and families;
- Appletree Institute for Education and Innovation will develop and provide research-based early childhood education programs to underserved 3 and 4 year-olds;
- The Phillips Collection will provide outreach art programs to the community and local schools;
- The Bishop John T. Walker School for Boys will provide a tuition-free private school education for one hundred boys in K â€“ 8th grade; and
- Blackbox Theaters to provide space for school performances and community meetings.