Metro-Area Hospital Expansion

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Metro-Area Hospital Expansion

New Market Tax Credit Hospital Expansion Project

$4.1M Net NMTC Benefit Achieved

  • $39M Hospital Administration Building
  • Created 60 Full-Time Positions
  • Created 250 Temp Full-Time Equivalent Construction Positions
  • Relocated 370 employees from a non-qualified community to a qualified low-income community with a 30%+ Poverty Rate

HWH Group recently served as New Market Tax Credit (NMTC) transaction manager for a major nonprofit hospital group, securing over $25M in NMTC financing for the $39M project, and generating $4.1M of net NMTC funding to reduce construction costs and help make the initiative possible. The Investment created a new five story, 120,000 square foot building located in heart of a medical district and a Highly Distressed New Markets Tax Credit Census Tract. The project is a major financial driver for the entire organization, as the consolidation of personnel and new, centralized, location increases efficiency and productivity, and paves the way for future investments. Plus, the continuation of services is vital to the health and progress of the region.

HWH Group served as the sole NMTC transaction and consulting manger, locating and securing a highly competitive rate for the NMTC equity in the transaction, sourcing the participation of three major Community Development Entities (CDEs), and managing all aspects of the transaction

 

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