Menu

BCLF Closes Two Loans With Mary's Center in D.C.

Monday, May 16, 2011

Boston Community Loan Fund (BCLF) closed two loans with Mary’s Center for Maternal and Child Care, Inc.  The $1,195,000 “back-to-back” loan and $550,000 bridge loan will both be used to help fund Sponsor’s $15 million leverage loan into a $20 million NMTC structure that will finance the development of a new community health care facility at 3910 Georgia Ave, NM; and capital improvements to Mary’s Center’s existing facility at 2333 Ontario Road, NW, both in Washington, DC.

 
The Georgia Avenue facility will occupy approximately 28,000 s.f. on the ground floor (22,000 s.f.) and mezzanine (6,000 s.f.) of a new 130,000 s.f. mixed-use development that is currently under construction.  When the projects are complete, Mary’s Center’s medical service capacity will increase from twenty patient rooms to forty patient rooms, and the number of primary care providers (doctors and nurse practitioners) will increase from a total of twelve to twenty-two.  Their Georgia Ave facility will also house four dental operatories and Mary’s Center’s mental health programs, and enable both service areas to expand.
 
~
 
About Mary’s Center
Mary’s Center for Maternal and Child Care, Inc. (Mary’s Center) was incorporated in 1988 to provide low-cost, high-quality maternity and child care for low-income immigrant families in the Washington, DC area.  Mary’s Center serves all patients regardless of their ability to pay, and provides services to those whose linguistic and cultural needs would otherwise go unmet.  In addition to primary health care, Mary’s Center provides social services and links families to community services and resources related to education, housing, and employment.