MINNEAPOLIS, September 4, 2013 – United Fund Advisors (UFA) today announced the successful closing of financing for the development of a new 55,000 square-foot, LEED Gold children’s mental health center for Washburn Center for Children (Washburn) in Minneapolis, MN. The $25.6 million project will expand Washburn’s services and enhance its on-site clinician training and internship program.
UFA structured the financing for the project and is providing $11 million of New Markets Tax Credit (NMTC) allocation through its affiliate Community Development Entity (CDE), National Community Fund I, LLC. USBCDE, LLC, U.S. Bank’s NMTC allocatee, and Capital City Properties, an affiliate of the Saint Paul Port Authority, also contributed NMTC allocation to the project. U.S. Bancorp Community Development Corporation, a subsidiary of Minneapolis-based U.S. Bank, capitalized the allocation.
“Washburn Center for Children provides critical services to children who experience mental health challenges,” said Colin Rowan, Principal, United Fund Advisors. “A majority of Washburn’s patients are from low-income families and this project will help to ensure that they will continue to receive the quality, compassionate treatment that they need to lead successful lives for years to come.”
Washburn has identified that one out of five children in Minnesota will experience mental health challenges, yet only 20% will get the help that they need. Many of these individuals will live with mental health challenges well into their adult years before being treated, although indicators present at childhood could have been addressed with early diagnosis and treatment.
“Washburn’s new state-of-the-art building will ensure that children heal and thrive in a community where their mental health is a priority,” said Steve Lepinski, Executive Director, Washburn Center for Children. “We’re grateful for UFA and other community partners who also believe that children’s mental health is as important as their physical health. With the community’s help, this expanded facility will nurture happier, healthier children.”
“We’re proud to be investing in a project that supports the mission of U.S. Bank and its Community Development Corporation to develop and strengthen the communities we serve,” said Steve Kramer, Senior Vice President of NMTC Investments for U.S. Bancorp Community Development Corporation. “We believe the Washburn Center for Children will serve as a vital community resource for future generations of healthy, productive children.”
Construction is anticipated to be complete in November 2014.
Since the inception of the NMTC program, UFA has closed financing for over 125 projects and businesses with total project costs exceeding $4.8 billion. UFA’s CDE, National Community Fund I, LLC, and its affiliate CDEs, have deployed over $430 million of NMTC allocation into urban and rural communities nationwide.
About United Fund Advisors & National Community Fund I, LLC
UFA is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $710 million of assets under management, all of UFA’s investments and services are driven by its triple bottom line mission “to create opportunities for profitable investments which enhance social and environmental yields.” Nearly all of UFA’s products and services involve syndication of tax credits and benefits, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits, and other federal and state tax credits and benefits. To learn more about us, click here.
National Community Fund I, LLC, is a certified community development entity which has received a total of $387 million of NMTC allocation since 2007. Portland Family of Funds Holdings, Inc. is NCF’s controlling entity and United Fund Advisors serves as its financial advisor. The affiliated Portland, Oregon-based companies are triple bottom line missioned firms which create profitable investments that provide financial, social and environmental returns.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About Washburn Center for Children
Washburn Center for Children, Minnesota’s leading children’s mental health center, is a vital community resource that helps children with social, emotional and behavioral problems have happier, healthier futures. One out of five Minnesota children will experience mental health challenges, yet only 20% get the help they need. Washburn ensures caregivers have a resource to help kids who are hurting on the inside.
As a community mental health center caring for a wide variety of children’s needs such as trauma, anxiety, depression and learning difficulties, Washburn serves more than 2,700 children annually and has doubled the number of children it served in the past six years. In response to the community’s growing needs for children’s mental health services, Washburn launched a capital campaign to build a new expanded facility – a safe, nurturing space, inspired by nature, where young minds can thrive. www.washburn.org.