Mary's Center Expands, Upgrades DC Campus
Posted October 26, 2011
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WASHINGTON, D.C. - Expanding through public-private partnerships, Mary's Center Health Clinics has received $5.5 million of backing from U.S. Bank, using the proceeds to expand its DC campus.
U.S. Bank's capital infusion was made via New Markets Tax Credits sold by City First Bank of DC to benefit the medical provider. To further bolster its plan, Mary's Center Health Clinics has launched a $4 million capital campaign to support long-term programming expenses and will host a gala that could add $450,000 to the till.
The NMTC investment allowed the provider to acquire a 26,000-square-foot building at 3912 Georgia Ave. NW for a new clinic and upgrade facilities at 2333 Ontario Rd. NW. The NMTC equity investor was U.S. Bancorp Community Development Corp., a subsidiary of U.S. Bank. The tax credits were bought from an affiliate of City First New Markets Fund II LLC, which committed $20 million to a NMTC allocation.
The three-building complex along Ontario Road includes Mary's Center's headquarters and community health facilities at 1707-711 Kalorama Rd. NW. The expansion and renovation resulted in an additional 50 permanent jobs and more than 500 construction-related jobs.
"The expansion of Mary's Center furthers the goal of the NMTC Program to provide financing for projects that can make a difference in underserved areas while creating much needed jobs and serving as a catalyst for future development," said Jennifer Westerbeck, assistant vice president of U.S. Bancorp Community Development Corp.
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