In one of the largest New Markets Tax Credits financings of 2023, Roeder & Company has advised San Carlos Apache Healthcare on the financing of its two-site healthcare project on the San Carlos Apache Reservation in rural Arizona.
“As demand for services and the impact of Covid 19 increased, it was clear that we needed to expand our facilities so that we could remove non-medical space needs out of the existing hospital and into a separate building freeing up space within the hospital. We have plans to move all information technologies and all storage out of the hospital building itself and into the newly constructed Annex building. The space vacated within the hospital will then become available to expand primary care, pediatric services, and other patient services within the hospital building” said CEO Victoria Began. “Additionally, the Annex itself will support our long-term strategic plan to add capacity to clinic operations and provide skilled nursing and long-term care for our elders consistent with their cultural heritage,” she continued.
The relocation of the Clarence Wesley Health Center from its current location in Bylas was partially necessitated by the shifting soils on which it was originally built. The new location, still in Bylas, AZ, will allow for the expansion of services offered in the Bylas District. New or expanded services will include dental, pharmacy, imaging, and optometry.
Reynold Roeder, Roeder & Company CEO commented, “We were able to bring an aggregate of $52 million in allocation to the project through a consortium of CDEs consisting of Clearinghouse, The Dakotas, Pacesetter, Ecotrust, Cityscape, and Wells Fargo. Wells Fargo also served as the tax credit investor. With this many allocation providers and a two-site project on trust land, there were numerous complexities and issues. The group worked very well as a team and was able to close by the CDFI May 2023 threshold date. It was truly a great team effort and provided in excess of $10 million of grant-like subsidy to the project.”
For more information about San Carlos Apache Healthcare, please click here.
“As demand for services and the impact of Covid 19 increased, it was clear that we needed to expand our facilities so that we could remove non-medical space needs out of the existing hospital and into a separate building freeing up space within the hospital. We have plans to move all information technologies and all storage out of the hospital building itself and into the newly constructed Annex building. The space vacated within the hospital will then become available to expand primary care, pediatric services, and other patient services within the hospital building” said CEO Victoria Began. “Additionally, the Annex itself will support our long-term strategic plan to add capacity to clinic operations and provide skilled nursing and long-term care for our elders consistent with their cultural heritage,” she continued.
The relocation of the Clarence Wesley Health Center from its current location in Bylas was partially necessitated by the shifting soils on which it was originally built. The new location, still in Bylas, AZ, will allow for the expansion of services offered in the Bylas District. New or expanded services will include dental, pharmacy, imaging, and optometry.
Reynold Roeder, Roeder & Company CEO commented, “We were able to bring an aggregate of $52 million in allocation to the project through a consortium of CDEs consisting of Clearinghouse, The Dakotas, Pacesetter, Ecotrust, Cityscape, and Wells Fargo. Wells Fargo also served as the tax credit investor. With this many allocation providers and a two-site project on trust land, there were numerous complexities and issues. The group worked very well as a team and was able to close by the CDFI May 2023 threshold date. It was truly a great team effort and provided in excess of $10 million of grant-like subsidy to the project.”
For more information about San Carlos Apache Healthcare, please click here.
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