Capital Fund Supports Unity Care Northwest Expansion in Bellingham, WA
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On August 2, 2018, Community Health Center Capital Fund (Capital Fund) participated in a financial closing to support a $15 million health center capital expansion project for Unity Care Northwest in Bellingham, WA.
Capital Fund provided Unity Care with a $6 million New Market Tax Credit (NMTC) allocation that supports new construction to expand the health center’s capacity of existing services. Project financing also includes a NMTC allocation from Primary Care Development Corporation, a loan from US Bank N.A., and a cash investment from the health center.
Expected to be completed in May 2019, the new two-story, 20,000-square-foot facility in Ferndale, WA will replace an existing facility and include three pods of exam rooms, a larger dental unit with 10 operatories, medical assistant work areas, a pharmacy, and administrative office space. Unity, which currently serves about 21,000 patients annually, will be able to increase capacity to serve an additional 8,300 patients annually and add another 49 full-time employees by 2025.
Through four locations in the Bellingham, WA area, Unity Care Northwest has been providing care to residents for over 30 years. To learn more, click here.
For more information about Capital Fund’s loan products, including New Markets Tax Credits, please contact Brandon Boyle, Director of Loan Programs, This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 617-988-2265.