ATLANTA – SunTrust Community Capital, a subsidiary of SunTrust Banks, Inc., announced today that it provided $3.2 million of equity to capitalize $10 million of New Market Tax Credit (NMTC) allocation from Primary Care Development Corporation, and $3.5 million of equity to capitalize $10.7 million of NMTC allocation from Community Health Center Capital Fund, Inc. to assist Care Resource Community Health Centers with the expansion of its existing medical facility in Miami, Florida.
“This equity investment by SunTrust will help unlock capital for the expansion and renovation of Care Resource’s Miami facility and administrative headquarters. Care Resource is a critical community partner and provider of healthcare services to Miami-Dade residents, who will directly benefit from these modernized facilities,” said David Ross, senior vice president and Not-for-Profit Banking relationship manager at SunTrust.
Care Resource Community Health Centers (aka Care Resource) is a 501(c)(3) nonprofit organization and a Federally Qualified Health Center with locations in Midtown Miami, Little Havana, Miami Beach, and Fort Lauderdale, providing comprehensive health and support services to address the full health care needs of South Florida’s pediatric, adolescent, and adult populations.
Care Resource’s expanded facility in Midtown Miami will be roughly double in size of the existing clinic and will include space for primary health, dental, and behavioral health care services. This new facility will also house a 1,271 square foot retail pharmacy as well as expand areas for social services, community outreach, and Food Pantry services providing clients access to healthy food and nutritional services, a key social determinant of community health. The facility will serve low-income minorities, recently arrived immigrants, at-risk populations, elderly, LGBTQ adolescents/adults, and the residents of the Miami-Dade area.
"We are delighted to have SunTrust Community Capital, Primary Care Development Corporation, Community Health Center Capital Fund, and National Cooperative Bank as partners in this exciting redevelopment project. In addition to this financing, we have established our Building for the Future Capital Fund to generate philanthropic matching funds. With this expansion Care Resource is poised to continue our history of care for the most vulnerable in our community,” said Rick Siclari, CEO of Care Resource.
The facility expansion will consist of two components: Already underway is Phase 1, which comprises the interior renovation of 25,000 square feet of the existing building, including upgrades to finishes, fixtures, equipment, and new elevator and updated HVAC. Phase 2 will consist of additional square footage and the enclosure of the ground level to include the pharmacy, food pantry, internal vehicular loading and servicing area, care coordination staff, a new teaching kitchen, and a large community meeting room. Phase 2 also includes expanding the square footage on floors 2-3 for additional clinical space and conference rooms, adding screened open parking to accommodate 170+ parking spaces.
Upon completion, Care Resource’s new facility will have a total of five new pediatric exam rooms, 22 new medical exam rooms, two phlebotomy rooms, laboratory services, a six-chair dental suite, 10 counseling rooms; larger administrative offices, upgraded common areas, hurricane resistant windows, and conference rooms.
SunTrust Community Capital is a national leader in the NMTC program, having closed on approximately $1.4 billion in Qualified Equity Investments. SunTrust Community Development Enterprises, LLC has received nine awards of NMTC allocation, totaling $578 million.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About Capital Fund
Capital Fund supports the growth and development of community-based health centers serving low-income and uninsured populations by providing capital structured to meet health centers’ needs. As a certified Community Development Financial Institution (CDFI) offering direct loans and New Markets Tax Credit financing, Capital Fund is the lending affiliate of Capital Link, an industry leader in community health center technical assistance. For more information, please visit www.chc-capitalfund.org.
About the Primary Care Development Corporation (PCDC)
PCDC is a nationally recognized nonprofit organization and a U.S. Treasury-certified community development financial institution (CDFI) that catalyzes excellence in primary care through strategic community investment, capacity building, and policy initiatives to achieve health equity. Learn more about PCDC’s programs to expand and transform the primary care sector at pcdc.org.