Capital Fund Supports CommuniHealth Services Expansion in Bastrop, LA
On January 15, 2021, Capital Fund participated in a financial closing for CommuniHealth Services, to support its $13.1 million expansion project.
Capital Fund contributed a $6.5 million New Markets Tax Credit (NMTC) allocation for CommuniHealth’s new facility. In addition to Capital Fund’s allocation, project financing also included $5.5 million NMTC allocation from Primary Care Development Corporation (PCDC), $5 million in State of Louisiana tax credits, and a PCDC $5 million source loan, of which Capital Fund bought $2 million.
Additionally, Capital Link provided operational facility planning and NMTC technical services to assist CommuniHealth in aligning service delivery objectives with design, preparing financial projections as well as a business plan, and NMTC intake and community impact information, which Capital Link successfully presented to and attracted interest from Federal and State CDE/CDFI Allocatees, source loan providers and two different equity investors (Federal and State). Capital Link assisted MCMC in its collaboration with multiple transaction parties throughout the closing process to successfully deliver all of the many deliverables required to close and fund a NMTC leveraged transaction.
The new 41,260-square-foot facility—a 27,500-square-foot increase from its current clinics—will consolidate its three existing sites and offer on-site pharmacy, radiology, and laboratory services, as well as community space that can be converted into a 25-bed shelter. The project will increase medical, dental, and behavioral services, allowing CommuniHealth to serve an additional 3,375 patients annually.
CommuniHealth is a Federally Qualified Health Center established in Bastrop, LA, in 2002, providing care to the uninsured and low-income residents of Morehouse Parish. CommuniHealth provides medical, dental, and behavioral health care services for patients of all ages, as well as pharmacy, substance abuse counseling, transportation, translation, specialty care/services, health education, and comprehensive outreach. Learn more here.