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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

St. Margaret’s Daughters Home

September 8, 2011 by

Mercy Hospital New Orleans was founded in 1924 and relocated to the Mid-City neighborhood in 1953 (pictured above is the original main facade of the 1953 hospital building).  For over fifty years this facility was a principal institutional actor and employment center within both the Museum-City Park Cultural District and the Mid-City National Register Historic District.

Subsequent to the Katrina-induced levee failures in 2005, Tenet Healthcare – which had been operating the facility as Lindy Boggs Medical Center – opted not to reopen it.

In 2007, a demolition permit was secured by the hospital’s new owners; however, their plans for a mixed-use town center stalled.  Three years later, in May of 2010, Crescent Growth Capital arranged an NMTC financing on behalf of St. Margaret’s Daughters Home to purchase the entire blighted, abandoned facility.

The redevelopment of the former Mercy Hospital/Lindy Boggs Medical Center in New Orleans by St. Margaret’s Daughters Home is a multi-phase project whose first manifestation will be the adaptive re-use of the hospital’s medical office buildings to accommodate a new permanent nursing home facility for St. Margaret’s.

Crescent Growth Capital structured and closed a $21.3 million New Markets Tax Credit qualified equity investment to fund both St. Margaret’s acquisition of the entire former hospital and a portion of the construction cost of its new nursing home within the facility.  Subsequent phases will rehabilitate the remainder of the former Mercy facility for medical uses.

In addition to structuring the initial financial closing in 2010, Crescent Growth Capital, in conjunction with its consultants, secured Louisiana State Historic Tax Credit eligibility for the entire former Mercy/Lindy Boggs complex, garnering millions in historic tax credit equity for the project.  The first state historic tax credit financing for the project was accomplished in September of 2011, generating $4 million for St. Margaret’s and enabling the definitive start of construction on Phase I.

CGC, in conjunction with its consultants, also secured for St. Margaret’s $3 million in CDBG funding, in the wake of a successful application to the State of Louisiana’s Project-Based Recovery Opportunity Program (“PROP”).  Financial closing on these funds was achieved in July of 2011.

Belleville Assisted Living Facility

May 18, 2011 by

Restoring job growth to the nation’s economy is the primary objective of policymakers today, and most economists believe that the most significant opportunities for new employment will be found within the healthcare industry. The boomer generation is aging, and the percentage of the nation’s population that is over age 65 is anticipated to increase appreciably in the coming 50 years, generating steady growth in demand for healthcare. Furthermore, ever-increasing longevity on the part of the nation’s elderly, coupled with the geographical fragmentation of the extended family has meant that demand for assisted living services is growing at an even faster rate than demand for healthcare overall.

Like the nation as a whole, New Orleans is in need of additional assisted living capacity, and, in the wake of Katrina, there is an insufficient supply of entry-level job opportunities available to disadvantaged individuals. Crescent Growth Capital was able to help address both challenges by structuring and closing the financing to fund the construction of the new Belleville Assisted Living Facility. The Belleville ALF will provide 53 badly-needed assisted living units in a 55,000 square-foot facility, while simultaneously creating nearly 50 jobs and returning to commerce a historic but blighted school building in New Orleans’ Algiers Point National Register Historic District.

The Belleville ALF is located on New Orleans’ West Bank, across the Mississippi River from the city’s historic core. Extensive development on the West Bank did not begin until the late 1950s, with the completion of the Greater New Orleans Bridge linking downtown to Algiers. For the next thirty years, the West Bank offered middle-income families new, affordable housing, extensive employment opportunities, and plentiful shopping. Conditions began to sour, however, in the wake of the mid-1980s Oil Bust. In a matter of months, the West Bank suffered tens of thousands of job losses; in the succeeding twenty years, poverty, crime and disinvestment increasingly characterized what had been a stereotypically prosperous American suburb.

Belleville ALF constitutes a significant and visible investment on the West Bank. A former elementary school that had lain dormant for over thirty years will be rehabilitated and restored to commerce. The historic fabric extant on the property will be adaptively re-used, embodying the highest aspirations of the green building movement – as there is no greener building than a re-used building. The region’s shortage of assisted living capacity, acutely felt on the West Bank, will be meaningfully eased by Belleville’s 53-unit facility. Most significantly, nearly fifty new jobs will be created, over half of which will be entry-level positions ideal for the West Bank’s disadvantaged low-income population.

Despite demonstrable demand for additional assisted living units, the New Orleans West Bank is considered a challenging location for market rate investment; conventional lenders had been unwilling to underwrite the entire cost of the Belleville facility. In response, Crescent Growth Capital and the principals of the Belleville ALF project devised a capital stack that took advantage of the location’s existing historic fabric as well as the highly-distressed character of the contemplated investment to integrate federal and state historic tax credit equity with the New Markets Tax Credit financing structure.

The tax credit equity generated by this structure lowered the project’s borrowing requirements and enabled the successful underwriting of a smaller conventional loan. Without the use of tax credit equity, it would have been impossible to secure funding sufficient to complete the project.

The New Orleans Healing Center

May 2, 2011 by

The New Orleans Healing Center serves to bridge the social divide between the two inner-city, historic neighborhoods it straddles, building inter-community trust while furthering post-Katrina recovery throughout New Orleans by providing a holistic, safe, sustainable facility that heals and empowers the individual and the community.

The Healing Center functions as a community center, offering needed retail services and supporting programs promoting physical, nutritional, emotional, intellectual and spiritual well-being. An adaptive reuse for the circa 1926 55,000-square foot former Universal Furniture Building at the intersection of St Claude and St Roch avenues in the 8th Ward of New Orleans, the center includes, among other amenities, yoga and pilates instruction, a cooperatively-owned organic grocery, a hydroponic rooftop garden, a street university, a health food café, juice bar and coffee shop with a youth training program, alternative healing, and a New Orleans Police Department substation.

Successfully executing a transaction of tremendous complexity, Crescent Growth Capital structured and closed in May of 2010 a $10.4 million New Markets Tax Credit qualified equity investment combining seven discrete funding sources to realize this project’s vision. Federal and state New Markets Tax Credits, federal and state historic tax credits, city and state CDBG dollars and sponsor equity were utilized. Construction was completed in 2011.

Healy-Murphy Center

April 11, 2011 by

Founded in 1888 as St. Peter Claver Academy, a school for African-Americans, the Healy-Murphy Center of San Antonio has for the last four decades focused upon at-risk youth of all races and backgrounds. Believing firmly that “change is possible” and that “the traditional way is not the only way”, Healy-Murphy ministers to young parents and parents-to-be. The school was the first accredited alternative high school in Texas and employs self-paced curricula tailored to the individual’s needs. Vocational and mental health counseling as well as early childhood education are offered.

By the turn of the 21st century, Healy-Murphy’s facilities were straining to accommodate the demands of its mission. Crescent Growth Capital was retained to structure a $4.65 million New Markets Tax Credit qualified equity investment to fund a comprehensive renovation of the Healy-Murphy Center.

A pledge from the Sisters of the Holy Spirit and Mary Immaculate was teamed with a portion of Healy-Murphy’s endowment, proceeds from a sale and capital campaign donations to generate a significant additional subsidy of tax credit equity. With sufficient funding finally in hand, Healy-Murphy Center will, in the near future, be operating at last out of updated, modern facilities.

St. Thomas Community Health Center

March 30, 2011 by

Having earned plaudits for its work on behalf of Daughters of Charity to fund two new health clinics, Crescent Growth Capital was approached to assist St. Thomas Community Health Center realize its dream of a new facility.

Founded by two Sisters of Charity and the resident council of the former St. Thomas Housing Project, St. Thomas Community Health Center was established in 1987 to minister to the highly disadvantaged and impoverished residents of the Irish Channel. St. Thomas’ commitment to providing “culturally competent” care to a largely minority population grew to encompass adult primary care and pediatrics, as well as specialites in cardiology, EEN&T, breast and cervical cancer and mental health.

With its staff scattered across the country, St. Thomas was shuttered in the aftermath of Hurricane Katrina. The clinic was ultimately reestablished – thanks in large measure to volunteer support and the generosity of numerous charitable foundations. Soon thereafter it was apparent that the post-Katrina environment actually provided real opportunity for community health clinics like St. Thomas. Metropolitan New Orleans’ former healthcare delivery model for the poor, which had centered on providing care to the uninsured at Charity Hospital, was scrapped in favor of promoting a network of primary care clinics located in the patients’ neighborhoods. The inclusion in healthcare reform of a universal coverage component added impetus to this policy shift, as the eventual emergence of a fully-insured population promises to generate significant additional demand for care.

Crescent Growth Capital was able to help St. Thomas capitalize on this opportunity by structuring and closing a $7.5 million New Markets Tax Credit qualified equity investment to fund the acquisition and adaptive re-use of a long-blighted mid-19th century commercial row. The transaction was extremely complicated. To generate the additional subsidy needed to realize St. Thomas’ new facility, anticipated historic tax credit proceeds and Louisiana State Office of Community Development CDBG dollars were bridged, grants from two charitable foundations were combined with another CDBG allocation from the City of New Orleans, and a loan was secured from the Louisiana Primary Care Association. These disparate funding sources were aggregated, then leveraged through a New Markets Tax Credit structure.

CGC also authored the Historic Preservation Certification Applications (Parts 1, 2 & 3), solicited investor bids and coordinated subsequent legal and regulatory chores, which resulted in over $4.7 million being classified as Qualified Rehabilitation Expenses, generating significant state and federal historic tax credit equity to further subsidize the project.

University of the Incarnate Word – School of Optometry

December 7, 2010 by

Operated by the Sisters of Charity of the Incarnate Word, whose central Texas ministry dates to 1869, the University of the Incarnate Word currently offers 75 programs to over 6,500 students in the San Antonio area. UIW is the largest Catholic university in Texas and its fourth-largest private institution of higher learning. Consistent with their order’s mission, the sisters have long encouraged achievement on the part of ethnic minorities; at present, the UIW student body is 75% minority. Ethnic minorities have lower rates of participation in healthcare and poorer health outcomes than White Americans, in part because most caregivers are themselves white. Minority patients often find this intimidating, especially when a language barrier is present. UIW is determined to encourage diversity in the ranks of healthcare providers. Through the School of Nursing and Health Professions, the Feik School of Pharmacy, a new physical therapy program, and the School of Optometry, the University of the Incarnate Word is committed to “changing the face” of healthcare delivery in Texas.

Funded by a $31 million New Markets Tax Credit qualified equity investment structured by Crescent Growth Capital, the UIW School of Optometry will be only the second of its kind in Texas and is the first new school of optometry to open in the United States since 1989. When completed, the 60,000 square foot school will include lecture halls, laboratories, a library, and administrative offices, among other facilities. By 2012 the School of Optometry is expected to have over 260 students enrolled. Importantly, to address the shortage of bilingual optometrists and attack the communication barrier between doctors and underserved populations, this program will be the first in the nation to offer a Spanish Language Certification.

The NMTC transaction will also fund a vision and eye care clinic, to assist the large numbers of uninsured and poor residents of San Antonio and Bexar County.  It is expected that over 50% of the clinic’s patients will be Medicare or Medicaid enrollees. Students of the school will work as interns at the clinic, under the tutelage of the optometry faculty.

Construction is now underway.

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