TERRA Network – Aleutians

Project Details

MV Desert Hope was established by the Mesilla Valley Public Housing Authority (MVPHA) to support affordable housing development for low-income individuals. MVPHA owns and/or manages over 2,200 affordable housing units throughout Southern New Mexico.

Clearinghouse CDFI provided $3.4 million in financing for MV Desert Hope to renovate the Desert Hope Apartments in Las Cruces from 20 market-rate units into 40 affordable apartment homes. These apartments will serve households earning ≤ 30% of area median income.

Desert Hope Apartment renovations include a new community plaza and free access for residents to transportation for medical and social service needs. Of the 40 total affordable units, 36 will receive additional rental subsidies via 20-year term housing assistance contracts.

LOAN AMOUNT

$3.4 MILLION

Project Details

San Francisco’s Aquarium of the Bay is a public aquarium located on Pier 39 in the historic Fisherman’s Wharf District. It houses over 24,000 marine animals and focuses on education, global ocean conservation, and inspiring climate resilience. A Smithsonian Affiliate, the Aquarium has hosted millions of visitors for over 20 years.

The Aquarium first approached Clearinghouse CDFI in March 2020 after closing its doors due to COVID-19. In a record two weeks, Clearinghouse CDFI was able to approve, process, and underwrite $1 million in emergency financing to help the Aquarium meet its working capital needs.

As the pandemic continued, and public venues were forced to remain closed, CCDFI was able to assist Aquarium of the Bay again with over $5 million in additional financing. CCDFI’s second loan allowed the Aquarium to pay or existing debt and continue funding daily operations, including payroll, supplies, and animal care.

LOAN AMOUNT

$5.5 MILLION

Project Details

Meridian Meadows is a new senior living community that provides assisted living and memory care services for residents. It offers physical,emotional, mental, and social support to help seniors transition into a safe and dignified living environment.

Clearinghouse CDFI provided a long-term, fixed rate, permanent $14.7 million loan for this new facility.

Clearinghouse CDFI’s loan allowed Meridian Meadows to help meet the growing need for specialized senior care in Idaho. The new community project includes 24-hour staff support across two wings: a 52-bed skilled nursing facility and a 63-bed assisted living/memory care facility. It also serves both private pay and Medicaid / Medicare residents.

LOAN AMOUNT

$14.7 MILLION

Project Details

TERRA Network is a hybrid terrestrial fiber-optic & microwave network under development by General CommunicationInc. (GCI). TERRA brings connectivity to some of Alaska’s most remote regions—delivering access to healthcare,education, and other critical public resources to more than 45,000 Native Alaskans.

Clearinghouse CDFI provided $16.25 million New Markets Tax Credits (NMTCs) to GCI for the Aleutian Islands development phase of TERRA Network. Wells Fargo Community Investment Holding, LLC was the project investor.

TERRA Network is 3,300 miles long—further than Seattle to Miami—and includes both overland and undersea fiber. This phase of TERRA Network development will extend the undersea fiber an additional 800 miles along the peninsula from Kodiak to Unalaska. It will serve an additional 14,000 Native Alaskans. Development will create 211 construction jobs and 17 permanent jobs paying salaries averaging 1.6 times the area living wage.

LOAN AMOUNT

$16.25 MILLION IN TAX CREDITS

Project Details

Reimagine is a nonprofit dedicated to the relentless pursuit of possibilities for individuals with disabilities. First established in 1950, Reimagine has served Orange County for70 years. It provides opportunities for lifelong growth and achievement through child development, continued learning, and health and wellness services.

Clearinghouse CDFI provided $10 million in financing for Reimagine to purchase and rehabilitate the former Goodwill of OC Fitness Center and its surrounding building into a new learning center. The new facility will serve 300 people daily and offer additional programs for children with disabilities.

Reimagine’s expansion is part of a larger collaboration with Goodwill of OC and Riverside Charitable Corporation, a local nonprofit housing developer. This partnership aims to increase and improve overall disability services throughout Southern California.

LOAN AMOUNT

$10 MILLION

Project Details

Inspired Healthcare Capital (IHC) is a real estate investment fund dedicated to addressing the growing need for quality senior housing and healthcare.IHC works with experienced providers to develop senior housing and healthcare facilities offering independent and assisted living, memory care, and skilled nursing services for residents.

Clearinghouse CDFI provided $18.58 million in loans for IHC to acquire and rehabilitate eight senior assisted living facilities in Washington and Oregon.

Spread evenly across the two states, each long-term care facility serves a separate rural community where access to care is severely limited. The Oregon facilities provide an additional 85 memory care beds for seniors and the Washington sites will add an additional 106. Together, the eight new facilities will create 93 full-time jobs and 35 part-time jobs.

LOAN AMOUNT

$18.58 MILLION