Capital Fund Provides Support for New PrimeCare Community Health Facility in Chicago
On August 10, 2018, Community Health Center Capital Fund (Capital Fund) participated in the financial closing to support the development of a new $7.9 million health center facility for PrimeCare Community Health, Inc. in Chicago, IL.
Capital Fund provided a $7.8 million New Market Tax Credit (NMTC) allocation for the project, which is expected to be completed in January 2019. Financing also included a leveraged loan from National Cooperative Bank, NMTC-equity investment from PNC New Markets Investment Partners, and the health center’s own equity investment.
Once renovated, the 16,000-square-foot health center located at 5635 West Belmont Avenue will house 18 medical exam rooms and four dental operatories. The new site will also include space for comprehensive behavioral health services as well as services for substance-use disorders and medication-assisted-treatment for opioid use disorders. By the end of 2025, the project is expected to allow PrimeCare to serve an additional 7,000 patients with 25,000 additional visits (in 2017, PrimeCare served 20,103 patients).
Established in 1992, PrimeCare Community Health is a Federally Qualified Health Center with six health facilities located in Chicago, IL. Learn more about PrimeCare here.