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Stonehenge Provides State Federal NMTC Financing for ProMedica

In December 2015, Stonehenge provided State and Federal NMTC financing for the construction of a new corporate headquarters for ProMedica, a Toledo based non-profit health care system. The company was looking to consolidate its corporate employees who were scattered throughout over a dozen sites around Toledo.

This project, located in a highly distressed area of downtown Toledo, involves the renovation of a historic steam plant building that had been vacant since 1985. The new downtown campus development will create nearly 300 construction jobs and 600 new full-time jobs during the first five years while also retaining approximately 900 full-time jobs. The 1,500 total workers will commute to downtown Toledo on a daily basis and will support local businesses by spending money downtown thus increasing the tax base for the city.  The closing also provided an opportunity for the Community Development and Tax Credit Services business lines to work together as the TCS group assisted with the sourcing and closing of the Federal and State HTCs that were an important component of the project’s capital stack.

See the attached article referencing this project.