DALLAS–(BUSINESS WIRE)–Dallas-based Preston Hollow Community Capital (PHCC), a provider of specialized impact financing solutions for projects of social and economic importance to local communities, announces the successful completion of a $60.9 million tax-exempt bond transaction through the Dormitory Authority of the State of New York to fund the construction of a new healthcare facility for Urban Health Plan, Inc. (UHP) in the Bronx.
“To complete such a dynamic transaction, while facing the additional challenges and hurdles presented by the pandemic, it was important to work with a lender that would truly partner with the financing team in order to bring the issue to completion,” said David Barr, Senior Vice President of Roosevelt & Cross, the Placement Agent. “PHCC brought considerable resources to bear in the delivery of an innovative and effective financial solution to this very important project for UHP.”
UHP provides high-quality, affordable medical, behavioral health, and oral health care services to medically underserved communities in the Bronx, Queens and Manhattan. The project will involve the brownfield clean-up of a vacant lot in the Bronx as well as the construction and equipping of a new five-floor, approximately 60,000 square foot healthcare facility to be owned and operated by UHP at 1095 Southern Boulevard. Construction is expected to be completed in approximately twenty-four months.
“PHCC is proud to partner with UHP to finance the construction of its new facility at 1095 Southern Boulevard,” said PHCC President and CEO Jim Thompson. “This facility will advance the vision of UHP’s founder, Dr. Richard Izquierdo, to expand health care services in the South Bronx. We’re honored to support UHP’s mission and the community it serves.”
The transaction also includes a capital grant of $20,332,403 provided by Council member Rafael Salamanca, 17th Council District, The Bronx and a second capital grant of $4,499,653 provided by the New York State Department of Health.
“Having a background in health care, I know firsthand how important access to quality, affordable medical care is,” stated Council Member Rafael Salamanca, 17th Council District, The Bronx. “Long before the global COVID-19 pandemic highlighted the health care disparities in minority-majority communities like mine, I utilized the power of the budget to secure critical capital funding for our health care providers. Working with the Speaker of the New York City Council, I am proud to have allocated over $20 million in capital funding to facilitate Urban Health Plan’s new medical facility at 1095 Southern Boulevard. With the announcement of the project funding now in place to start construction, we are one step closer to seeing the dream of my mentor, Dr. Richard ‘Doc’ Izquierdo, come to fruition.”
UHP is a Federally Qualified Community Health Center with a network of 12 health centers, two outpatient mental health sites, 12 school-based health centers, and two part-time facilities. UHP was founded in 1974 by Dr. Richard Izquierdo, a local physician, and provides care to patients, regardless of their ability to pay. UHP provides comprehensive and affordable primary and specialty healthcare services to all of the communities it serves. In 2021, UHP provided close to 400,000 visits to 80,000 patients.
“Access to capital enables community-based, primary care providers to expand their services in underserved, high-need communities,” said Paloma Izquierdo-Hernandez, President and CEO, Urban Health Plan. “We thank everyone involved in supporting our new state-of-the-art health center. As one of the largest federally qualified health centers in New York City, our mission is to keep residents healthy by delivering high-quality, affordable care. This new building allows us to continue providing critical services and programs that will improve our patients’ overall health and quality of life.”
About Preston Hollow Community Capital
Preston Hollow Community Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering certainty and flexibility to our borrowers.
