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Crescent Growth Capital, LLC

Crescent Growth Capital, LLC

Structuring project financing to incorporate tax credit equity.

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Healthcare/Wellness

Metrocrest Services

March 1, 2024 by

For more than 50 years, Metrocrest Services (“Metrocrest”) has provided programs for individuals, families and seniors that lead to self-sufficiency and foster independence. Every day, Metrocrest offers a comprehensive bundle of services to address gaps in finances, employment and nutrition to help holistically end poverty for residents of Addison, Carrollton, Coppell, Farmers Branch and the City of Dallas in Denton County.

The Metrocrest Services Bundled Model is a holistic approach that has three areas of focus: Basic Needs (housing stabilization and food), Financial Capability (education and coaching) and Workforce Development (job counseling, GED preparation and certifications/education). Focusing on a client-centered approach, Case Manager Coaches (CMC’s) build trust and empower clients through one-on-one coaching sessions where clients drive the conversations.

With this approach, Metrocrest clients build upon their past successes and are able to construct a stable foundation for their future. A recent survey of clients who sought help in the previous 18-months underscores the success and stability found with the agency’s help: 66 percent of families reported at least 6 months of housing stability after receiving rent assistance and 85 percent reported a better understanding of their finances after working with a case manager or utilizing educational resources.  In FY23, Metrocrest Services assisted 22,006 unduplicated individuals and distributed 3,793,238 meals through its food programs (food pantry and seasonal programs).

Metrocrest Services is committed to building a stronger community together – a thriving community for all.  As the only agency providing a comprehensive approach to social services in northwest Dallas County, Metrocrest is uniquely positioned to provide the tools and resources for individuals, families, and seniors to respond to crises, get out of poverty, and stabilize. Having celebrated its 50th anniversary year in 2021, the Board of Directors turned its focus on the next 50 years. Looking towards the future, Metrocrest developed a plan to increase capacity and improve services and programs through the construction of a new facility to focus on expanded client services and community engagement.

In February of 2024, in partnership with Enterprise Bank, PeopleFund Advisors, and Capital One Bank, Crescent closed on a $15.5M Federal NMTC financing to construct a new facility, which has expanded Metrocrest Services’ breadth of services in the Dallas area. 

The new 48,000 square-foot facility has quickly become the epicenter of Metrocrest Services’ daily operations and includes: expanded case management services, a Center for Employment and Continued Education, an expanded Food Pantry with a new Volunteer Center and allocated space for complementary services.  A Training Kitchen and Teaching Garden is available for community engagement, events, and for special programming.  This increase in capacity will afford Metrocrest multiple opportunities to expand current programs and introduce new services in one central location.

The $19.1M project has already created 5 new FTE positions, while greatly expanding the scope of all Metrocrest’s existing programming.

Allen University – Good Samaritan-Waverly

July 21, 2023 by

The mid-20th century Good Samaritan-Waverly Hospital building represents the culmination of the efforts of Columbia’s Black residents to establish modern healthcare facilities amidst the Jim Crow system of segregation prevailing in South Carolina before the advent of the modern Civil Rights Movement. The long-anticipated fruit of the 1938 merger of the city’s Waverly and Good Samaritan Hospitals, the present building was completed as a state-of-the-art facility in 1952 and included operating rooms, x-ray equipment, fifty beds, and a nurse training facility.

Despite the hospital’s comprehensive suite of services, operating margins were tight, due to a high debt load and persistently low reimbursement rates for care. In the wake of desegregation, Richland County completed a new, racially-integrated general hospital, which prompted the closure of Good Samaritan-Waverly in 1973.

The shuttered hospital was acquired in 1987 by Allen University, an HBCU founded in 1870 whose main campus is across the street. A succession of plans were considered over the years, and in 2008 the building was individually listed on the National Register of Historic Places. Subsequent to the appointment of President Ernest McNealey, in late 2017, plans began to coalesce around an adaptive re-use for the hospital. Fundraising commenced, but by the end of 2019 a significant gap remained.

In August of 2020, Crescent Growth Capital was hired to provide historic preservation consulting and tax credit arranger services on a contingent fee basis. Crescent authored the Historic Preservation Certification Application for South Carolina State Historic Tax Credits and Federal Historic Rehabilitation Tax Credits, successfully advancing an argument to justify the corner addition proposed for the project by pointing to the mid-block siting of the hospital at the time of its completion.

From a structuring standpoint, as tax credit arranger Crescent sourced $12 million in New Markets Tax Credit allocation authority, combined the resulting subsidy with federal and state historic tax credits, and took advantage of the South Carolina Abandoned Building Tax Credit to bring over $4 million in bottom-line benefit to the project.

In 2023, Allen University inaugurated the Waverly-Clyburn Building, within the original hospital, along with the Boeing Center auditorium, constructed as an addition. Building uses include a home for Allen’s newly-established school of education, for teacher training; a permanent home for the Institute for Civility; a newly-established South Carolina African-American Hall of Fame; and a new home for the university’s seminary.

DePaul Community Health Centers

May 20, 2023 by

Ascension DePaul Services New Orleans (ADSNO) operates 11 Federally Qualified Health Centers (FQHCs) as DePaul Community Health Centers (DCHC) in the greater New Orleans area that offer an array of primary and preventive services, optometry, dental, pharmacy, and behavioral health. ADSNO has more than 190 years of experience and a very sound relationship in the Metropolitan New Orleans Area, which brings a wealth of knowledge to provide services, care, and best practices for outreach to meet the needs of our vast multicultural community. ADSNO has provided health screenings and outreach services built on health literacy and access to health care for all people, particularly for those who are underserved or experience linguistic and cultural barriers to care and services.

ADSNO’s success is built upon its history and experience in health care in New Orleans since 1834. ADSNO’s history in New Orleans began with its founders, the Daughters of Charity, and their management of Charity Hospital from 1834-1992, ownership and management of Hotel Dieu Hospital from 1859-2015, and ownership and management of DePaul Hospital from 1865 to 1973.  In 2019, Daughters became Ascension DePaul Services of New Orleans.

DCHC’s plan is to create long-term and sustainable ambulatory campus rooted in delivering high quality healthcare and improving the health and well-being of the Metro NO community members. The sites will include primary medical services, behavioral health services, pharmacy, after hours care, urgent care, as well as imaging and lab services. This financing will greatly assist in bringing needed healthcare services to the low-income population.

In May of 2023, in partnership with Stonehenge Community Development, PB Community Impact  Fund, The Community Business Investment Fund, and US Bank, Crescent closed on a $23.0M Federal NMTC financing, to construct two new facilities:.

  • Algiers – A $15.8 million clinic will include primary care, behavioral health, pediatrics, a pharmacy, urgent care, and outpatient diagnostic imaging and laboratory services. This new 20,000 SF facility will replace a nearby leased facility possessing only 1,944 SF, growing ten-fold in size.
  • Harvey – A $4.2 million clinic will include primary care, behavioral health, pediatrics, and a pharmacy. This new 9,400 SF facility will replace a nearby leased facility possessing only 3,750 SF, representing a nearly triple increase in size.

DCHC’s new facilities plan on creating 34 jobs during the entirety of the NMTC Compliance Period.

St. Thomas Community Health Center

May 9, 2023 by

St. Thomas Community Health Center (“St. Thomas”) was founded in 1987 by a small group of members of the Catholic and Episcopal religious communities, including Dr. Donald T. Erwin, who continues as the CEO today. The clinic began operations in the former St. Thomas Housing Development in the Irish Channel, moved to its current main clinic location on Magazine Street in 1991, and today has expanded to multiple locations throughout the Greater New Orleans area, on both the East and West banks of the Mississippi River.

STCHC offers a full range of healthcare services that includes primary care, pediatrics, perinatal care, mental health counseling, optometry services and women’s health care. STCHC also offers specialty care in the areas of child and adult psychiatry and counseling, gastroenterology, rheumatology, and cardiology. Of the community-based health care centers in New Orleans, St. Thomas is one of only a few providers with a dedicated team of infectious disease specialists, working to treat and prevent the spread of diseases like HIV and Hepatitis C. STCHC patient base is 86% minority, and 6 out of 10 board members are minority as well.

True to St. Thomas’ mission of providing health care services for those who need it most, St. Thomas’ overall clinical payer mix is 60.1% Medicaid, 19.1% Medicare, 9.2% commercial insurance, and 11.6% uninsured.  The vast majority of St. Thomas’ patients are Black, with a growing Latinx patient population.  Annually, St. Thomas (STCHC) serves approximately 20,000 distinct patients and handles approximately 76,000 patient visits.

In May of 2023, in partnership with Gulf Coast Housing Partnership and US Bank, Crescent closed on a $5.5M Federal NMTC financing, and in March of 2024, in partnership with Enhanced Capital Partners and US Bank, Crescent closed on a $5M Louisiana State NMTC financing to construct two new facilities to significantly expand services and improve accessibility:

  • Garden District – A $5.1 million clinic will include primary care, behavioral health at the site, pediatrics, access to the pharmacy next door at 2010 Magazine, women’s health, access to other services located across the street at 1936 Magazine Street and 1020 St Andrew including infectious diseases, optometry and mammography services. This new 6,092 SF facility is expected to serve 7,680 patients and handle approximately 19,200 visits on an annual basis.
  • Algiers – A $1.8 million clinic will include primary care, behavioral health at the site, pediatrics, and women’s health. This new 4,596 SF facility is expected to serve 4,800 patients and handle approximately 12,000 visits on an annual basis.

Without the NMTC financing it may otherwise be less fiscally viable to pursue such an initiative.  This financing will greatly assist in bringing needed healthcare services to the low-income population. St. Thomas’s two new facilities plan on creating 17 to 22 new jobs as a result of the project.

Autism Community Network

April 3, 2023 by

Autism Community Network (ACN) was founded in 2008 through a consortium of healthcare funders led by Palmer Moe and the Kronkosky Charitable Foundation. The primary purpose of ACN is to improve the health and quality of life of children with autism by providing early, uniquely tailored diagnostic services to children suspected of having autism, therapies to families impacted by autism, and support through training for caregivers and providers whose interaction with autistic children is critical to their success.  Additionally, ACN works diligently to educate the community about autism and to the best of their ability, the experience of the impacted family and autistic individual.

ACN serves children ages 0-7 through its clinical diagnostic program, and ages 0-9 for occupational therapy and speech language therapy.  The organization currently offers the following programs (a) diagnostic services for children, (b) therapies for children and families affected by autism, (c) classes for caregivers affected by autism, (d) professional development for professionals serving children with autism, (e) continued care coordination, (f) community outreach and awareness, (g) quality of life programming (Camp AUSOME!, Family Events, Community Collaborations). 

ACN is currently one of two agencies serving the Medicaid populations in Bexar, and surrounding counties, with clinical diagnostic services. ACN’s current waitlist is 6 months for their Earliest Connection Clinic (0-29 months of age) and 18 months for their Diagnostic Clinic (30 months to 6 years of age). 

Since its inception in 2008, ACN has served over 27,000 individuals – an estimated 75% of whom are Medicaid eligible.  In 2021 alone, ACN served 2,150 children, caregivers and other professionals through its unique programming options, 85% of whom are below the poverty line. 

In March of 2023, in partnership with Broadstreet Impact Services (formerly Local Initiatives Support Corporation), Crescent closed on a $5.5M Federal NMTC financing to purchase, renovate and expand an existing facility into the new home of the Autism Community Network (“ACN”).  The new 10,346 sf ACN headquarters facility will provide the organization with adequate clinical space to serve a growing referral base, as well as a large sensory gym, a playground and a community center. 

The new facility will decrease ACN’s diagnostic waitlist by 3-6 months, increase the amount of therapy offerings, expand education and training for autism service providers and caregivers and improve upon quality-of-life offerings by including appropriate play areas, both indoor and outdoor, for the autistic community, all in a safe, sensory-friendly and warm facility.

The NMTC net benefit will provide ACN with the ability to reduce its fundraising target by nearly $650K and facilitate ACN’s expansion of its existing programming by 63% over the next five years.  The project is expected to create at least 10 FTE’s over the next 7 years.

Jefferson Community Health and Life

September 9, 2022 by

Jefferson Community Health & Life was established in 1963 as Jefferson County Memorial Hospital and Nursing Home, the first hospital/nursing home combination in the state of Nebraska. The facility has grown over the years, adding a home health agency in 1984, a community wellness center in 1996, expanding outpatient services throughout the years, and adding the Fairbury Clinic in 2016, and opened the Plymouth Clinic in 2018. Through its 50-plus-year history, Jefferson Community Health & Life has been very active and involved in its community, and has worked to promote health and wellness. Currently 20 visiting specialists utilize this space each month, allowing area residents the opportunity to receive specialty care locally.   JCHL operates two rural health clinics offering primary care services by 9 employed providers.

In Nebraska, nearly 30 percent of the state’s population resides in rural areas like Fairbury and its surrounding communities.  JCH&L faces a unique combination of rural forces not faced by their urban healthcare peers, such as continuing health provider shortages, limited access to specialty care, disparate socioeconomic factors, and higher rates of obesity, hypertension, suicide, and death by serious injury.

In August of 2022, in partnership with Hampton Roads Ventures, and US Bank, Crescent closed on a $9M Federal NMTC/$9M Nebraska State NMTC twin financing for the expansion of the Jefferson Community Health and Life Critical Access Hospital..

The expansion includes 23 exams rooms, 2 special procedure rooms, a radiology room, and a specialty room for COVID and flu patients.  JCH&L currently employs 192 FTEs and this expansion will create 10 new full-time jobs ranging from nursing to support staff as well as laboratory technicians.  65% of JCH&L’s patients are Medicare/Medicaid, and this addition is expected to grow Medicare/Medicaid services by nearly 10% from 2022-2026.  Additionally, the subsidy from the transaction will enhance JCH&L’s liquidity in funding ongoing services for the hospital.

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