New Markets Tax Credit News Briefs – June 2018

Friday, June 8, 2018

SunTrust Community Capital, together with YMCA of the Triangle and CAHEC New Markets, announced April 19 the closing of a deal to finance a $41 million recreation center and school in Raleigh, N.C. Financing included $21 million in new markets tax credit (NMTC) allocations, with $15 million in NMTCs provided by CAHEC New Markets and $6 million in NMTCs provided by SunTrust. The facility will house a 42,960-square-foot recreation center with a wellness center, gymnasium and group exercise studio. There will also be a 71,908-square-foot school building that will be operated by and leased to the Wake County Public School System. The YMCA center will bring 28 permanent jobs to the area, as well as 129 construction jobs. The facility is set to open August 2019.  

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Developer Cincinnati Center City Development Corporation celebrated April 12 the grand opening of the 15th and Vine development in Cincinnati. The 55,000-square-foot mixed-use commercial development in Over-the-Rhine is a five-story structure with 45,000 square feet of open office space and 10,000 square feet of ground floor retail space. There is also a restaurant on the ground floor. Construction of the $19.5 million development was financed by First Financial Bank, U.S. Bank and Cincinnati Equity Fund II, and used NMTCs.

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Plans to convert the Hoen Lithograph Building in Baltimore into the Center of Neighborhood Innovation began April 24 with a groundbreaking ceremony. Once complete, the 85,000-square-foot former printing plant will include offices for nonprofits, social enterprises, retail, events, an adult literacy center and a workforce incubator. The redevelopment is expected to cost $26 million. Financing includes $1.4 million from the city for acquisition, demolition, remediation and parking, and the state Department of Housing and Community Development pledged $500,000. Also included is a $1 million state grant, as well as state historic tax credits and NMTCs.

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