Roeder & Company, LLC announces the closing of a federal New Markets Tax Credit (NMTC) financing for the Thomasville Regional Medical Center (TRMC) in rural Clarke County, Alabama. Roeder & Company sourced $21 million in federal NMTC allocation from Empowerment Reinvestment Fund, Dudley Ventures, and Hancock Whitney for the financing of the new 68,320 square-foot, 29-bed hospital facility. Wells Fargo and Hancock Whitney provided the tax credit equity for the transaction.
The City of Thomasville lost its previous 49-bed hospital after it abruptly closed in August 2011. As a result, a current Clarke County resident may be travelling as far as 100 miles for healthcare services.
“The net financial benefit derived from the NMTCs was key to allowing us to deliver essential long-term healthcare services for the populations in the region that otherwise would not have been available,” said Curtis James, TRMC principal. “This funding will not only aid in the construction of the new hospital, but will also fund equipment and services that will absolutely make a difference by giving us the ability to deliver healthcare services that will touch patients’ and families’ lives while improving the healthcare outcomes in the communities that TRMC will serve.”
The $35 million hospital will contain patient diagnostic and treatment spaces, central support functions, acute care inpatient beds, and ancillary services. The new hospital is the first facility of, and the anchor for, a planned 40-acre medical park development.
The lack of a conveniently accessible hospital and an adequately staffed emergency department in the immediate Thomasville vicinity is a significant impediment to additional economic development in the area.
“A well-developed local healthcare system is a powerful economic engine for a rural community,” said Sara Pietka, Roeder & Company President.
The TRMC project represents a public-private partnership with the city of Thomasville. The city has provided $13.5 million in loans guaranteed by city sales tax proceeds. The project also received USDA Business & Industry Guaranteed Loan financing from ServisFirst Bank.
“The financing structure for this transaction was incredibly complex,” said Reynold Roeder, CEO of Roeder & Company. “However, a major advantage of the NMTC program is how flexible the financing can be as a result of its complexity. Through a major cooperative effort between TRMC, the City of Thomasville, ServisFirst, the tax credit financing parties, and related professionals, we were able to deliver the benefit required to close the funding gap.”
For more information on the TRMC project, please visit https://trmc-al.com/.
The City of Thomasville lost its previous 49-bed hospital after it abruptly closed in August 2011. As a result, a current Clarke County resident may be travelling as far as 100 miles for healthcare services.
“The net financial benefit derived from the NMTCs was key to allowing us to deliver essential long-term healthcare services for the populations in the region that otherwise would not have been available,” said Curtis James, TRMC principal. “This funding will not only aid in the construction of the new hospital, but will also fund equipment and services that will absolutely make a difference by giving us the ability to deliver healthcare services that will touch patients’ and families’ lives while improving the healthcare outcomes in the communities that TRMC will serve.”
The $35 million hospital will contain patient diagnostic and treatment spaces, central support functions, acute care inpatient beds, and ancillary services. The new hospital is the first facility of, and the anchor for, a planned 40-acre medical park development.
The lack of a conveniently accessible hospital and an adequately staffed emergency department in the immediate Thomasville vicinity is a significant impediment to additional economic development in the area.
“A well-developed local healthcare system is a powerful economic engine for a rural community,” said Sara Pietka, Roeder & Company President.
The TRMC project represents a public-private partnership with the city of Thomasville. The city has provided $13.5 million in loans guaranteed by city sales tax proceeds. The project also received USDA Business & Industry Guaranteed Loan financing from ServisFirst Bank.
“The financing structure for this transaction was incredibly complex,” said Reynold Roeder, CEO of Roeder & Company. “However, a major advantage of the NMTC program is how flexible the financing can be as a result of its complexity. Through a major cooperative effort between TRMC, the City of Thomasville, ServisFirst, the tax credit financing parties, and related professionals, we were able to deliver the benefit required to close the funding gap.”
For more information on the TRMC project, please visit https://trmc-al.com/.
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