Capital Fund Supports Esperanza Health Center Expansion in Philadelphia, PA
On September 12, 2018, Community Health Center Capital Fund (Capital Fund) participated in the financial closing to support Esperanza Health Center’s $20 million expansion in northern Philadelphia, PA.
Capital Fund contributed a $8.5 million New Markets Tax Credit (NMTC) allocation for the renovation and expansion of a recently acquired property which will house a new Esperanza health center facility and community center. Project financing also includes a $10 million NMTC allocation from PIDC Community Capital, and the health center’s own cash investment.
With construction expected to be completed in August 2019, the new 35,000-square-foot facility will house a combination of medical, dental, and mental health services and allow for better integration of health and wellness programs. The renovated building will feature 24 exam rooms, eight dental operatories, and 11 mental health counseling rooms, as well as a community space with a classroom, centering/meditation room, and a café. The project also includes a parking garage which is being built on an adjacent lot.
Esperanza, which currently serves about 14,600 patients annually, will be able to increase its capacity to serve an additional 3,500 patients each year and add another 27 full-time employees by 2025.
With three locations in the Philadelphia, PA area, Esperanza has been providing care for nearly 30 years. To learn more, click here.