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Crescent Growth Capital, LLC

Crescent Growth Capital, LLC

Structuring project financing to incorporate tax credit equity.

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Non-profits

Lexington Regional Health Center

July 28, 2014 by

Lexington Regional Health Center (“LRHC”) opened as Tri-County Hospital in September of 1976.  The hospital began with seven patients, 40 beds, five physicians, one PA, a board-certified surgeon, and visiting specialists.  The organization grew through the 1980’s and added additional services including radiology, therapy, rehabilitation, and hospice.  A 4,300 square-foot expansion in 1989 relocated six physical therapy rooms, added a meeting room, and included an area for wellness programs for the community.  The addition of Home Health Care services, which encompasses a 45-mile radius of Lexington, Nebraska, was completed in 1994.  Another expansion in 1996 provided more room for the physical therapy department with the opening of the Community Health & Fitness Center.  In 2005, Tri-County Hospital was designated as a Critical Access Facility by the State of Nebraska.

Over the past 10 years, the Hospital’s inpatient and outpatient utilization has grown significantly.  LRHC handles roughly one-third of all discharges in Dawson and Gosper counties, and more than half of the Hospital’s annual discharges are Medicare/Medicaid patients: LRHC has the 4th highest Disproportionate Patient Percentage out of all Nebraska hospitals.  In response to the ever-increasing demand for its services, LRHC began laying out a comprehensive renovation and expansion plan in 2010.

The two-phase construction plan includes the addition of a new operating room suite including 3 operating rooms, a new sterile processing department with supporting space, a new specialty clinic area, and a new central utility plant, as well as the renovation of 25 inpatient beds.

On July 28, 2014, Crescent Growth Capital worked with LRHC, Enhanced Capital, and Wells Fargo to close and fund Phase 1 of the NMTC financing, a $10.4MM State NMTC QEI, leveraged with Great Western Bank debt and USDA Rural Development Loans, for the $25MM renovation/expansion.

On November 20, 2014, Crescent Growth Capital and LRHC closed on Phase 2 of the expansion financing, utilizing $7MM of Federal NMTC allocation provided by Raza Development Fund.  By using the same leverage sources and NMTC investor, the Hospital minimized the incremental transaction costs associated with the second closing, and used the additional subsidy to round out the construction budget.

The two-phase NMTC financing provided significant subsidy to the project, facilitating the expansion of the Hospital’s footprint and scope of services — all at no additional cost to the low-income census tracts surrounding the Hospital.  The expansion is expected to create 24 new permanent FTE positions, while retaining the Hospital’s existing 170 FTE employees.

Brunswick Landing

March 10, 2014 by

 

 

 

 

16 Burbank Avenue, Brunswick, ME

In 2005, the federal government initiated its most recent round of military base closures under the Base Realignment and Closure (BRAC) process. The U.S. Department of Defense (DoD) and Congress have used this process five times over the last two decades to reduce and realign the nation’s military installations.

During the 2005 BRAC round, three Maine military installations were targeted for closure or realignment: Naval Air Station Brunswick, Portsmouth Naval Shipyard, and the Defense Finance and Accounting Services Center in Limestone. In August of 2005, the federal BRAC Commission saved two of those installations, but voted to close Naval Air Station Brunswick (NASB) after 68 years of operations.  The closure resulted in 6,500 jobs lost within the immediate community and far reaching economic impact.

In August, 2013, Priority Real Estate Group completed Phase I of the renovation of 16 Burbank Avenue and 62 Pegasus Street – two properties at the former Naval Air Station known as Brunswick Landing.  16 Burbank Avenue is the former Navy Lodge, a 15,000 square foot building converted to accommodate 28 classrooms and a life skills room on the main floor and professional offices on the second floor.   62 Pegasus Street, the 26,000 square foot former Navy Recreational Building and Bowling Alley, was converted to classrooms, a day care, an indoor recreational room, occupational therapy room and professional offices.  Both of these properties are leased to Providence Services Corporation – the largest provider of services to children with Autism and developmental disabilities in Maine.

In March, 2014, Crescent Growth Capital helped Priority Real Estate Group (“PREG”) close and fund a $10.2mm Maine State NMTC QEI to consolidate Phases I & II and complete the construction of Brunswick Landing Phase II.  These two Phases represent much needed job creation and an economic stimulus to an otherwise blighted area: Phase I of the Brunswick Landing created a combined 142 new jobs for Providence Services and Coastal Ortho & Sports Medicine, with annual salaries ranging from $28,000 to $650,000.  Phase II will allow Providence to combine two more regions at the Brunswick Landing location, relocating 60 staff members to the area and setting the stage for future growth.

There are over 10,000 veterans in Midcoast Maine, many of whom had a connection to Brunswick Naval Air Station. With the base closure, the veterans did not have a presence in the community to offer services nor the financial means of establishing one.  As part of Phase II, Priority Real Estate Group renovated 2,000 square feet of the 62 Pegasus Street property at a cost of $200,000 and leased the space to the Midcoast Veterans Council of Maine for $1 per year.  This donation allowed the Council to set up a Midcoast Veterans Resource Center aptly located on the former Naval Air Station Property where they can service the many veterans in our community.

16 Burbank AveBrunswick, ME 04011

New Orleans Center for Creative Arts

December 19, 2013 by

New Orleans Center for Creative Arts is a regional, pre-professional arts training center that offers students intensive instruction in culinary arts, dance, media arts: filmmaking & audio production, music (classical, jazz, vocal), theatre arts (drama, musical theatre, theatre design), visual arts, and creative writing, while demanding simultaneous academic excellence.

NOCCA was founded in 1973 by a diverse coalition of artists, educators, business leaders, and community activists who saw the need for an institution devoted to our region’s burgeoning young talent. Wynton and Branford Marsalis, Harry Connick, Jr., Terence Blanchard, Jeanne-Michele Charbonnet, Wendell Pierce, Anthony Mackie, Mary Catherine Garrison and Gary Solomon Jr. are only a few NOCCA graduates who can attest to the extraordinary educational opportunity the Center represents to the children of Louisiana.

NOCCA was operated for its first quarter-century by the Orleans Parish School Board; students were required to be residents of New Orleans. In 2000, the school relocated to its present campus, on the banks of the Mississippi River in the Faubourg Marigny neighborhood, and its governance was revised to provide for direct administration by the Louisiana Board of Elementary and Secondary Education. At this time NOCCA began accepting students residing anywhere in Louisiana, in service of its broadened role as the premier performing and visual arts high school for the state.

In the ensuing years, NOCCA’s curriculum matured to encompass concentrations in eleven disciplines, including jazz, classical instrumental music, drama and the visual arts. The events of 2005 tested the institution, scattering its faculty and student body across the country, but NOCCA’s stakeholders responded by embracing a bold plan for growth.

Additional concentrations, in the digital media and culinary arts were launched, and, in 2011, a longstanding dream to offer at NOCCA a full school day of instruction came to fruition with the debut of the Academic Studio. For the first time, curricula in math, science and the humanities were taught on campus, making it possible for NOCCA students to acquire an innovative, fully comprehensive, arts-centered secondary education without having to leave the site. NOCCA’s progress has come in the face of ten budget cuts, some occurring mid-year, over the last four years; the school’s state funding has decreased by 25% during this period.

Responding to these challenges with characteristic boldness, the NOCCA Institute – NOCCA’s community support and advocacy organization – developed a plan for the NOCCA Forum, a dramatic $26.4MM proposal to lay the foundation for the school’s future. The Forum will incorporate cutting-edge facilities and include revenue-generating elements to provide independent means to the institution’s endeavors.  In early 2013, NOCCA contacted Crescent Growth Capital (“CGC”) to assist them in bringing together financing for the Forum.

On December 19th, 2013, CGC helped NOCCA close and fund a $12.5MM Qualified Equity Investment (“QEI”), using New Markets Tax Credits allocations of $6.5MM and $6MM provided by First NBC Bank and Whitney Bank, respectively, and leveraging an estimated $7.8MM in Federal and State Historic Tax Credit equity, and $14MM of Qualified Zone Academy Bonds (“QZABs”).  The Federal and State New Markets and Historic Tax Credit equity, combined with $14MM of QZABs provided the NOCCA Institute with nearly $12.5MM in combined subsidy, which amounts to nearly half of the project budget.

Children’s Medical Center – Heart Center Interventional Suites

October 31, 2013 by

Tracing its origins to the creation in 1913 of a pediatric dysentery clinic established on the lawn of Parkland Hospital, Children’s Medical Center Dallas has grown to the fifth largest pediatric healthcare organization in the nation. In 1967, the present facility opened within the nascent Dallas Medical District. In the past 45 years Children’s has developed numerous centers of excellence, among them pediatric cardiovascular care. The Comprehensive Center for Heart Care at Children’s Medical Center today attracts referrals from throughout the region, the nation, and internationally.

The Heart Center’s units have always been spread out across different floors of the hospital, scattered throughout the campus. To increase patient capacity, improve care outcomes, and provide additional research opportunities, Children’s developed a Master Design Plan for a state-of-the-art centralized Heart Center.  In 2010, after three years of planning, Children’s launched a $77 million, multi-phase initiative that would result in the consolidation of every functional unit of the Heart Center onto one floor of Children’s main hospital. Children’s anticipates that its plan, once fully realized, will meaningfully improve collaboration among specialists, streamline administration by locating back offices adjacent to care administration areas, and promote improved cooperation from the families of the children receiving care, an essential component of pediatric medicine.

In late 2012, Children’s brought Crescent Growth Capital (“CGC”) in to help them secure New Markets Tax Credits to help finance the fourth phase of this plan: a new $11.1 million Interventional Suite.  The fourth and most expensive phase of Children’s Master Design Plan, the Interventional Suite project will include new, state-of-the-art operating rooms and catheter labs, MRI facilities, a multi-purpose procedures room, and a relocated cardiac prep & recovery unit.  On October 31, 2013, CGC helped Children’s close and fund a $10.5MM Federal Qualified Equity Investment to finance the construction of the Interventional Suite, using a $10.5MM allocation of Federal New Markets Tax Credits provided by Hampton Roads Ventures, and NMTC equity provided by AT&T Corp.

Not only will this subsidy consolidate and significantly upgrade Children’s ability to provide state-of-the-art patient care, but it will also free up hospital funds to open 5 additional pediatric primary care clinics in distressed neighborhoods, locating non-emergency care within communities of need and freeing up valuable ER space within the main hospital for emergency cases.

 

CitySquare

June 28, 2013 by

In 1988, Dallas businessman Jim Sowell was moved by his concern for the problems associated with homelessness and poverty. He took action in response to the human suffering he observed by working with friends to launch the Central Dallas Food Pantry in a strip shopping center at Henderson and Central Expressway.

In 1990, the organization received status as a 501 (c) 3 non-profit corporation and, due to its growth, relocated to larger quarters at 801 N. Peak in East Dallas. In August 1994, current President and CEO, Larry James, joined the organization. Shortly afterwards, Central Dallas Food Pantry began doing business as Central Dallas Ministries and the organization acquired an additional building at 409 N. Haskell, the current location of its food pantry.

On Monday, October 25, 2010 Central Dallas Ministries officially launched under the new name CitySquare.  CitySquare offers a variety of poverty-fighting programs throughout Dallas as well as in Houston, San Antonio and Austin, based on four core values: Community, Faith, Justice and Stewardship.

In February, 2012, CitySquare partnered with Crescent Growth Capital (“CGC”) to develop a financing package for a comprehensive “Opportunity Center” at the Southeast corner of I-30 and Malcolm X Blvd.  The Opportunity Center, a joint effort between CitySquare, PepsiCo, Inc., and Workforce Solutions of Greater Dallas, is a $14MM multi-service 52,000 square foot facility.  It will provide a food distribution center, a new state of the art wellness center, a comprehensive employment training center that will house new offices for Work Force Solutions of Greater Dallas and CitySquare’s WorkPaths employment training division, CitySquare’s AmeriCorps headquarters/offices, and staging areas for CitySquare’s growing Summer and After-School Feeding Program funded by the Texas Department of Agriculture.

In addition, the Center will place key services and economic opportunities in one central location. Currently, our Resource Center/Food Pantry, wellness activities and WorkPaths employment program are located in three separate facilities. Centralizing these key services will create greater economies of scale in staff and resources, and allow us to serve more of our neighbors. Moreover, the Center will leverage our existing partnerships to promote greater stability in the workforce, the programs at the Center, and the overall community.

In June, 2013, CGC helped CitySquare and its partners close and fund a $12.5MM Federal Qualified Equity Investment, utilizing a $12.5MM allocation of Federal New Markets Tax Credits, provided by the Dallas Development Fund, and leveraging $4.1MM of NMTC equity provided by AT&T Corp.

Myrtle Banks

May 17, 2013 by

At its mid-20th century heyday, the Oretha Castle Haley Boulevard corridor – then called Dryades Street – was simultaneously a welcoming retail area for New Orleans’ African American population and the center of Orthodox Judaism for the region. By the 1970s, however, the street was in steep decline, with the relocation of synagogues to the suburbs and the retail strip’s raison d’être removed by desegregation. For nearly 40 years, repeated revitalization attempts consistently faltered, despite O.C. Haley Boulevard’s proximity to both downtown New Orleans and St. Charles Avenue.

Since 2005 investment in the corridor has slowly gathered steam, with non-profit groups like Café Reconcile joining with public bodies like the New Orleans Redevelopment Authority (NORA) to focus on the O.C. Haley corridor. Amidst this gathering momentum, New Orleans-based Alembic Community Development identified the former Myrtle Banks School as a prime target for redevelopment. Constructed as McDonogh 38 Elementary School in 1910, the historic structure was deemed surplus in 2002 and closed. A dramatic fire ravaged the shuttered property in 2008, transforming it into an enormous, conspicuous eyesore one block away from NORA’s new headquarters building. Undaunted, Alembic envisioned the adaptive re-use of the school building as a commercial office and fresh food hub for the surrounding low income community.

While Alembic had successfully completed a number of projects employing Low-Income Housing Tax Credits, Myrtle Banks presented the development company with its first opportunity to use New Markets and historic tax credits. In July 2011, Alembic hired Crescent Growth Capital to structure and close the financing for the project. After nearly two years of work, the financing for Myrtle Banks closed in May of 2013, with CGC incorporating New Markets Tax Credit, federal and state historic tax credits, a subordinated loan, sponsor equity, and CDBG dollars sourced from NORA and Louisiana’s Office of Community Development to fund the $13.8 million redevelopment of the school.

Now under construction, the Myrtle Banks Redevelopment will be anchored by a 23,000 square-foot grocery store, the Dryades Public Market, which will seek to make available locavore produce at an affordable price point.

The Myrtle Banks redevelopment also features 10,000 square feet of landscaped green space/edible landscape and 11,000 square feet of small business office space; 25-30 permanent, full-time jobs will be created.

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NEW ORLEANS OFFICE
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