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Project List
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The National New Markets Fund, LLC (NNMF) is an investment partnership created by two mission-driven firms dedicated to investing in low-income communities across the country: Los Angeles-based Strategic Development Solutions (SDS) and Boston-based Economic Innovation International, Inc. NNMF is a three-time New Markets Tax Credit allocatee, with a combined allocation of $125 million. NNMF has a national footprint with a specific focus on rural communities, areas impacted by Hurricane Katrina, the South, and California's Central Valley. NNMF invests in all asset types including: mixed-use, workforce and affordable housing, commercial retail, office, community facilities, hospitality, and industrial.
NNMF INVESTMENT GOALS
- Responsible Stewards of Taxpayers' Dollars:
- Expeditious Deployment of
NMTCs:
- Significant Environmental Sustainability:
- Seek projects with the strongest economic and community impacts
- Put taxpayer dollars to work as soon as possible (within 12 months)
- Seek minimum LEED Silver Certification and/or achieve significant energy savings
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NNMF INVESTMENT PROJECTS |
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| DATE OF CLOSING:
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August 2007 |
| TOTAL COST: |
$25 million |
| TOTAL NMTCS: |
$25 million |
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OCHSNER BAPTIST MEDICAL CENTER (New Orleans, LA)
The Ochsner Baptist Medical Center (formerly Memorial Medical) was heavily damaged by Hurricane Katrina. Prior to the storm, the hospital treated more uninsured patients than any other private hospital in the region. NNMF's NMTC financing (two other allocatees invested) was structured as operational capacity to expand and re-open more than one million square feet of medical services space including: 100 bed surgical hospital, 200-250 senior living facility, outpatient imaging center, radiation center, and medical offices. The project is bringing much needed health services and jobs back to New Orleans. (NNMF NMTCs: $3.75 million) |
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| DATE OF CLOSING:
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December 2007 |
| TOTAL COST: |
$56.4 million |
| TOTAL NMTCS: |
$40 million |
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WORLD WAR II MUSEUM (New Orleans, LA)
The multi-phase redevelopment and expansion of the World War II Museum will create a new six acre campus of exhibition pavilions, including a 250 seat state-of-the-art theater, a United Service Organizations themed restaurant and performance space, and major street improvements, effectively quadrupling the square footage of the former facility. The museum has had more than 1.7 million visitors since 2000, with roughly 50% indicating that the museum was one of their top two reasons for coming to New Orleans. NNMF funded this project because of its strong economic impacts. (NNMF NMTCs: $6.25 million) |
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| DATE OF CLOSING:
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February 2008 |
| TOTAL COST: |
$87.8 million |
| TOTAL NMTCS: |
$74.1 million |
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KING EDWARD HOTEL (Jackson, MS)
The King Edward Hotel is the redevelopment of a historically significant hotel that was vacant for more than 40 years. The building is being transformed into a 265,000 square foot mixed-use urban center including: a 186-room hotel with a restaurant and state-of-the-art business center, 64 apartment units, and much needed retail space. The project will preserve the historic heritage of the building and generate economic activity in an area with a 53.5% poverty rate. The hotel will incorporate sustainability in its design, construction, and operations including: energy efficient HVAC systems, an important waste diversion program, and implementing green housekeeping and maintenance practices. (NNMF NMTCs: $15 million)
*Facility Grand Opening: Summer 2009 |
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| DATE OF CLOSING:
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March 2008 |
| TOTAL COST: |
$35.1 million |
| TOTAL NMTCS: |
$24.5 million |
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MERCY CORPS HEADQUARTERS (Portland, OR) Award Winner
2008 Best Metro QLICI of the Year Award
Novogradac Community Development Foundation
The Mercy Corps project combines new construction with the rehabilitation of the historic four-story Skidmore Fountain Building into a mixed-use facility. The project developed more than 80,000 square feet of space to house Mercy Corps' global headquarters and interactive public Action Center, Mercy Corps Northwest's Small Business Development Center, community conference facilities and the Lemelson Foundation headquarters. The facility creates significant environmental impacts through its LEED Platinum Certified design. (NNMF NMTCs: $7.5 million)
*Facility Grand Opening: October 9, 2009 |
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| DATE OF CLOSING:
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August 2008 |
| TOTAL COST: |
$64.4 million |
| TOTAL NMTCS: |
$30 million |
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HAMMOND SQUARE MALL (Hammond, LA)
The Hammond Square Mall project in Tangipahoa Parish, Louisiana, a rural underserved GO Zone community, will double the size of a previously enclosed mall transforming it into an 870,000 square foot open-air shopping center with five anchor stores. In the aftermath of Hurricane Katrina, area population nearly doubled with the influx of more than 15,000 displaced New Orleans residents. The mall will provide much needed retail services and employment opportunities and is projected to generate 70% of the City's tax revenues. It is one of the county's largest retail developments and biggest economic drivers relative to revenue and job creation. It is recycling materials from the demolished sections of the former structure and considering sustainability recommendations. (NNMF NMTCs: $10 million)
*Facility Grand Opening: September 30, 2009 |
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| DATE OF CLOSING:
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December 2008 |
| TOTAL COST: |
$9.6 million |
| TOTAL NMTCS: |
$9 million |
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PLAZA ADELANTE (San Francisco, CA) Award Winner
2009 Best Metro QLICI of the Year Award
Novogradac Community Development Foundation
The Plaza Adelante project is the redevelopment of an existing warehouse facility into a multi-tenant nonprofit center in the heart of San Francisco's Mission District. The facility will house approximately 10 nonprofits serving low-income residents to create a one-stop service delivery center where low-income residents can have most of their financial, legal, health, and supportive services met. By sharing common space and operating resources, nonprofit tenants will have reduced costs and will eventually become owners in the facility. The development targets LEED Certification for Existing Buildings and may incorporate solar energy panels. (NNMF NMTCs: $9 million) |
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| DATE OF CLOSING:
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December 2008 |
| TOTAL COST: |
$32 million |
| TOTAL NMTCS: |
$24 million |
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SECOND LINE STAGES (New Orleans, LA)
2009 Practitioner's Showcase Award
Council of Development Finance Agencies (CDFA)
Second Line Stages will be the first green state-of-the-art, full service media production facility in the nation. This 90,000 square foot facility combines new construction with restoration of a severely dilapidated warehouse. It is designed to achieve LEED Silver Certification. The project will provide apprenticeship and skilled employment opportunities for local residents, educational programs for at-risk youth, serve the burgeoning Louisiana film industry, and aid in the city-s economic recovery. (NNMF NMTCs: $6 million) |
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| DATE OF CLOSING:
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February 2009 |
| TOTAL COST: |
$145.3 million |
| TOTAL NMTCS: |
$69 million |
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ARGONAUT BUILDING (Detroit, MI) Award Winner
2009 Best Real Estate QLICI of the Year Award
Novogradac Community Development Foundation
The Argonaut is a $145 million, 760,000 square foot historic rehabilitation project converting a vacant GM facility into a mixed-use educational facility in downtown Detroit, Michigan. As the College of Creative Studies' expansion campus, it will house undergraduate and graduate programs, residential facilities for up to 300 students, as well as an arts and design middle and high school serving up to 900 students annually. The project incorporates sustainability features, is targeting LEED Certification for Existing Buildings and may incorporate alternative energy generation once construction is complete. This extremely challenging transaction involved six NMTC allocatees to overcome long-standing development hurdles. (NNMF NMTCs: $7.5 million) |
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| DATE OF CLOSING:
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July 2009 |
| TOTAL COST: |
$10 million |
| TOTAL NMTCS: |
$10 million |
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HABITAT HOMES PROJECT(Jackson and Gulf Coast, MS)
The Habitat Homes Project will provide support to two Habitat for Humanity (HFH) affiliates, HFH Metro Jackson and HFH Mississippi Gulf Coast Mississippi. These two entities are collaborating to build 85+ affordable single-family homes in Hurricane Katrina-impacted communities across Mississippi. The homes will be built with volunteer labor, sold at affordable rates to low-income families who earn 30-80% of the AMI, and sales will be financed with below-market rate mortgages. It is also a goal to incorporate water and energy saving and other environmental sustainability features to lower operating cost for owners. (NNMF NMTCs: $10 million) |
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| DATE OF CLOSING:
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November 2009 |
| TOTAL COST: |
$56.8 million |
| TOTAL NMTCS: |
$23 million |
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CLEVELAND INSTITUTE OF ART (Cleveland, OH)
The McCullough Center project combines the rehabilitation and renovation of the historic building known as the McCullough Center (originally a Ford Model T factory) and construction of a new four-story, 50,000 square foot state-of-the-art addition. The Center will house the Cleveland Institute of Art (CIA), Cleveland Cinematheque, and Cleveland Institute of Art's Reinberg Galleries. CIA, a four-year undergraduate art college, enrolls approximately 500 students annually and has earned a reputation for being among the top ten professional colleges of art and design in the nation. The project is designed to achieve LEED Silver Certification. (NNMF NMTCs: $13 million) |
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| DATE OF CLOSING:
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December 2009 |
| TOTAL COST: |
$81 million |
| TOTAL NMTCS: |
$38.5 million |
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HAVEN FOR HOPE (San Antonio, TX)
Haven for Hope is an independent 501(c)3 non-profit organization with the mission to provide homeless individuals and families with the training, skills and assistance needed to become self-sufficient. Upon completion, the Haven for Hope Campus will include more than 70 Partner agencies providing over 145 functional services to its members, prospects, and local citizens. The campus is expected to save taxpayers over $40 million annually though improved service delivery to the local homeless population while also revitalizing the neighborhood. New and existing buildings will incorporate features to reduce energy consumption. (NNMF NMTCs: $15 million) |
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| DATE OF CLOSING:
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April 2010 |
| TOTAL COST: |
$92.1 million |
| TOTAL NMTCS: |
$92.1 million |
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S.T. Paper Mill (Oconto Falls, WI)
ST Paper, LLC is a locally-owned manufacturer, specializing in tissue and linerboard products for the paper industry utilizing 100% recycled fiber. Long the nation's leader in paper production, Wisconsin suffered the closure of three major paper mills in 2008 and two major mills have recently announced closures in 2010, contributing to the trend of mill closures and job losses (roughly a third of the state's papermaking jobs) since 1997. With 87 employees, ST Paper is currently the largest private employer in Oconto Falls where unemployment is 11.9%. Through the NMTC-facilitated debt refinance, ST Paper has created an opportunity for six low-income persons to have a combined equity ownership interest totaling fifty percent of the company. (NNMF NMTCs: $15 million) |
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| DATE OF CLOSING:
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May 2010 |
| TOTAL COST: |
$15.3 million |
| TOTAL NMTCS: |
$15 million |
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NEXT GENERATION HEALTHCARE (Rural Ohio)
Next Generation Health Care will deliver high speed fiber optic connectivity to health care facilities located in Medically Underserved Areas (MUA) in Northeast Ohio. The program will enable medical providers to collaborate and share resources, deliver telemedicine and remote diagnostic services, encourage the adoption of electronic medical records, and enhance access to health and medical imaging records. Once this project is complete, HealthNet will enable the provisioning of telemedicine services to over 7 million citizens in NE Ohio. (NNMF NMTCs: $7 million) |
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