Enterprise Community Investment, Inc. (Enterprise) and National Community Fund I, LLC, an affiliate of United Fund Advisors, LLC, recently closed on a $22.3 million New Markets Tax Credit (NMTC) transaction that will finance the new construction of the Harrison Circle Building at the Morris Heights Health Center (MHHC) in Bronx, N.Y. The 48,700-square-foot building will expand the health care center facilities to serve an additional 18,000 patients per year and provide access to new services for local residents, including physical therapy, mammography, orthopedics and cardiology. The facility also will include medical office space, a pharmacy and a separate development with 70 rental apartments for seniors. Enterprise also syndicated $8.3 million in Low Income Housing Tax Credits for senior housing being built at Harrison Circle. Chase served as the investor for Enterprise’s $10 million NMTC allocation and for a $12.3 million NMTC allocation from United Fund Advisors.
"Our $95 million federal stimulus NMTC allocation is going a long way to provide local economic and community development opportunities nationwide," said Joe Wesolowski, senior vice president, Structured Finance, Enterprise. "This is among our first three deals to close from the stimulus round and the NMTC program is the most effective way to bring much-needed services, retail and office space to low-income communities."
The Harrison Circle Building will be built to the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Rating System™ Silver standard. Enterprise seeks to target its NMTC allocation authority to green developments as part of its Enterprise Green Communities New Markets Tax Credit Program announced last year. The program is one of the first national financing vehicles for environmentally sustainable commercial and mixed-use developments in low-income areas.
