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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

Urban League Head Start Center

September 28, 2010 by

Research indicates that early intervention in the lives of disadvantaged children provides the best way to break the cycle of poverty and hopelessness.  New Orleans’ historically meager social safety net was further eroded in the wake of Hurricane Katrina, and a key goal for post-Katrina recovery involves providing access to childcare and early enrichment for the city’s poor.

Since 1998, the Urban League of Greater New Orleans had operated an Early Head Start program to provide both low-income families with young children and pregnant women the opportunity to benefit from quality pre-natal care and child development assistance. Parents as well as children were served by the program.

The construction of a new Veterans Administration Hospital in New Orleans required that the Urban League move its program elsewhere.  A new location was found in the impoverished 9th Ward of New Orleans, adjacent to the HOPE VI Abundance Square development.

Crescent Growth Capital assisted the Urban League in integrating a complex array of financial sources, including City of New Orleans CDBG funding, a federal Health and Human Services Grant, and a traditional bank loan.  This money was leveraged to generate a New Markets Tax Credit subsidy sufficient to plug the funding gap and ensure the construction of a state-of-the-art, environmentally responsible $7 million facility.  The Urban League Head Start Center will be completed and placed into service by the end of 2011.

St. Luke’s Medical Center

January 11, 2010 by

St. Luke’s Medical Center was facing extinction, its existing nursing home destroyed by the flooding that engulfed New Orleans after Katrina’s passage. After St. Luke’s management successfully identified a new location for the facility, Crescent Growth Capital structured two transactions involving a total New Markets Tax Credit qualified equity investment of $13.8 million to generate a subsidy covering the shortfall in the project’s financing.

The project’s benefits are two-fold. St. Luke’s management team is regionally recognized for its experience and effectiveness, and New Orleans will reap ongoing benefits from an increase in the number of beds available for Medicaid recipients needing long-term nursing home care.

Additionally, St. Luke’s completion has established a significant new employer in New Orleans’ Algiers neighborhood. Algiers dates to the early 18th century but experienced most of its growth in the years following the completion, in 1958, of the first span of the Mississippi River Bridge. As is true for many suburban or suburban-style areas constructed in the 1950s and 60s, Algiers requires, in places, significant reinvestment. The inauguration of St. Luke’s Medical Center meaningfully abetted other ongoing economic development efforts in Algiers.

Christian Brothers School

January 11, 2010 by

Funded by a $5 million New Markets Tax Credit qualified equity investment paired with another $1 million of unleveraged sources, the Christian Brothers School new multi-purpose facility constitutes the first new building constructed in the New Orleans institution’s fifty-year history. At last, the school’s student body will have access to modern athletic facilities, a dedicated venue for the arts and a science lab.

Qualified for NMTCs under special Gulf Opportunity Zone (“GO Zone”) targeted population rules instituted to assist the Gulf Coast’s recovery from Hurricane Katrina, CBS’ multi-purpose facility is another impressive illustration of the region’s comeback. Like many other area institutions, Christian Brothers School continues to grapple with general post-Katrina financial constraints; without the NMTC subsidy, the school’s new building could not have been afforded.

Haven for Hope

January 11, 2010 by

The Haven for Hope project is a groundbreaking social service center in San Antonio, Texas. Haven for Hope seeks to revolutionize treatment for homelessness by centralizing every relevant social service within a cutting-edge, interdisciplinary campus.

For the homeless, barriers to entering mainstream society are numerous and vary from person to person. For those struggling with substance abuse or emotional disabilities, Haven offers mental health and drug treatment. Rather than further burdening overtaxed urban emergency rooms, the homeless are able to visit Haven’s medical clinic for preventative care, immunizations, dentistry, vision, and podiatry. Homeless families present unique demands for concerned caregivers; Haven’s campus features a childcare center, after-school programming, and family counseling. Employment training completes the picture.

Crescent Growth Capital enabled this pioneering facility by structuring a $40 million New Markets Tax Credit qualified equity investment for the new campus, sited within a highly-distressed census tract with a nearly 44% poverty rate and 14.5% unemployment.

Plaquemines YMCA

January 11, 2010 by

Wellness and recreation facilities are today widely recognized as essential to a community’s health and well-being. In the southernmost reaches of Plaquemines Parish, the YMCA’s new facility will afford area residents badly needed wellness services.

Crescent Growth Capital structured a $6 million New Markets Tax Credit qualified equity investment transaction to make the new facility possible.

Ursuline Academy – Early Childhood Learning Center

January 11, 2010 by

Funded by a $5.7 million New Markets Tax Credit qualified equity investment structured by Crescent Growth Capital, the Ursuline Academy Early Childhood Learning Center is the first component to be realized of Ursuline Academy’s ambitious post-Hurricane Katrina recovery plan, simultaneously striking a blow on behalf of the oldest operating Catholic School in the United States (established in 1727), providing needed early childhood education capacity to New Orleans and disseminating best practices to partnering public facilities. Located within a highly distressed census tract struggling with a 25% poverty rate, the Early Childhood Learning Center would not have happened without the New Markets Tax Credit subsidy.

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NEW ORLEANS OFFICE
201 St. Charles Avenue
Suite 4205
New Orleans, LA 70170
504.378.3470

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13355 Noel Road
Suite 1100
Dallas, TX 75240
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Unit 11R
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