Stonehenge Community Development (SCD) focuses on investing in economically distressed communities and areas targeted for revitalization with the support of a variety of federal and state incentive programs. We are a designated Community Development Entity (CDE) that actively participates in both the federal New Markets Tax Credit Program and 14 state New Markets Tax Credit programs.
Stonehenge Community Development has won eleven allocation awards through the federal New Markets Tax Credit Program, making it one of the most successful CDEs in the country. Through the federal NMTC Program, we have invested over $1.1 billion of flexible and nonconventional capital in operating businesses that exhibit strong job creation metrics and a positive impact on minority populations. Special consideration is given to projects located in severely distressed communities, non-metropolitan areas and those in underserved states as designated by the CDFI Fund.
Stonehenge studies the direct and ancillary impact of each investment through its strategic alliance with the National Urban League.
We believe that doing more with investments means doing more for businesses and communities that are often overlooked or underserved by most investment firms. Stonehenge invests with a purpose, transforming our nation’s workforce and communities.
Community Action Stops Abuse (CASA) has been working in the Tampa Bay area since 1977 providing refuge, crisis intervention, advocacy, professional training and community outreach to break the silence that isolates victims of domestic violence and prevents them from living a life of hope, independence and peace. CASA staff members understand the courage it takes to disclose abuse, and they work with the community to build a network of support for survivors and their children. Stonehenge provided NMTC financing towards a $12MM project that will build a new 100 bed shelter, increasing the number of beds available to battered women and children in St. Petersburg, Fla.
Chaucer Foods, Inc. is an Oregon-based supplier to major food producers around the world with 35 years of manufacturing experience. Chaucer is part of Kellogg’s diversity supplier program and received a “Supplier Diversity Recognition” award in 2013. Chaucer utilized NMTC financing from Stonehenge to open a new 85,000 square foot freeze-dried food processing facility in Forest Grove, Ore., where the unemployment rate at the time of investment was 14.8%.
Chief Industries, Inc., is a diverse company based in Grand Island, Neb., with a global reputation for superior manufacturing quality and customer service. Chief is currently engaged in a $10.5MM project that will construct a new powder coating facility as part of its steel fabrication business. Chief paints products using environmentally responsible finishing technology that gives products protection from corrosion. The new 40,000 square foot powder coating facility supported by NMTC financing from Stonehenge will allow Chief to keep up with growing demand.
Detroit Thermal Systems (DTS) develops and manufactures high-quality climate control systems and components, employing a diverse workforce. One of the automotive industry’s leading minority-owned companies, DTS utilizes state-of-the-art technology and exceptionally high manufacturing standards to produce automotive heating, ventilation and air conditioning (HVAC) systems. DTS used NMTC financing from Stonehenge to acquire a climate control systems business and revitalize its site and equipment.
Educare of Lincoln, Neb., is part of the Educare Learning Network, a nationwide group of 21 full-day, year-round schools serving at-risk children ages 0-5. Schools within the Educare Learning Network are independently organized and operated and ascribe to a set of common practices, philosophy and information sharing program. Educare of Lincoln opened its doors in 2013 with NMTC financing provided by Stonehenge used for operating capital.
Glazer Children’s Museum (GCM) is a non-profit organization dedicated to creating a fun and exciting learning environment for children and their families. After undergoing an extensive capital campaign, GCM began construction in March 2009 on its $20.5 million facility in downtown Tampa. Stonehenge used state and federal New Markets Tax Credits to fill a shortfall in capital campaign financing and enabled GCM to complete construction on the building. GCM is now one of Tampa’s most important cultural assets, and serves as a cornerstone for the city-led redevelopment of the downtown Tampa waterfront.
Highland Baking Company is a family-owned and operated business based in Chicago that makes specialty breads for the food service industry. Highland engaged in a $13.5 million project to acquire a 240,000 square foot building, renovate the facility, and purchase equipment to establish new operations in Spartanburg, S. C. The new facility allowed Highland to expand their products lines into the eastern United States and further solidify their business model. Stonehenge provided federal NMTCs to support the project, which is located in a highly distressed community.
Miles College, founded in 1898, is a premier liberal arts institution located in metropolitan Birmingham, Ala. Miles College is the only four-year institution in Birmingham designated as a member of Historically Black Colleges and Universities (HBCU). Miles College recently embarked on a capital improvement campaign. Stonehenge Community Development provided Alabama state NMTCs to support the development of a dining/entertainment/recreation center, which is part of Miles College’s plan to strengthen the core campus and increase competitiveness for attracting top students in the region and the nation.
The Nussbaum Center for Entrepreneurship, Inc., (NCE) has over twenty-three years of service fostering economic development through entrepreneurship by providing affordable office space, mentoring, and educational classes to small business owners. NCE completed a $13 million project to relocate its facility and rehabilitate an abandoned office facility into a business incubator in Greensboro, N. C. Without NMTCs provided by Stonehenge, it would not have been possible for NCE to relocate to its new facility.
Olympia Foods is a food processing company specializing in pitas and gyro meats. Olympia outgrew its old headquarters and engaged in a $26MM project to open a new facility in Franklin Park, Ill., to expand their meat processing capability, add additional freezer space, and enable in-house production of pita breads. The project received strong support from the Village of Franklin Park, which at the time of the financing was still recovering from the loss of 700 jobs due to the relocation of a major employer. Olympia Foods acquired a facility that had been vacant for more than a year. Stonehenge supported the project by providing Illinois New Markets Tax Credits.
Paycor is a payroll services company with more than 20,000 clients across the United States. Paycor completed a $25 million capital project to acquire land and construct a new headquarters facility at a brownfield site in Norwood, Ohio (an enclave of Cincinnati). Financing from Stonehenge and PNC Financial Services enabled the company to complete this project and continue growing at a rapid rate. The project represented the single largest commitment by a company in Norwood, Ohio in the last 15 years.
Urban Health Plan (UHP) is a network of federally qualified community health centers based in the South Bronx and Queens, N. Y. UHP’s mission is to improve the health condition of underserved communities, which it does by providing primary care with a focus on preventative treatment, screening and education to its constituents. Stonehenge provided federal NMTCs in support of a $48 million expansion project that included the construction of a new 54,000 square foot community health care facility in the South Bronx.
University Plaza is a skilled nursing facility that serves as the cornerstone of an “aging-in-place” campus that partners with Miami-Dade County, Jackson Memorial Hospital and The University of Miami Center on Aging. The campus integrates health care, social services and education for healthy and medically frail seniors living on the campus as well as those in the surrounding community. Stonehenge provided state NMTCs (which helped attract additional federal NMTCs) in support of the project.
Since 1999, Stonehenge Capital has operated at the nexus of finance and community development. We are deliberate in our actions to make both a financial and social impact. We know how private capital can transform underserved communities and help operating businesses grow, and we work with clients and investors to generate double bottom line returns. With fresh thinking that leads to better returns, Stonehenge is not the same old style of investment firm, but something else entirely. Some call it transformational capital. We call it the right way to do business.
Stonehenge is a thought leader in investment capital, producing strong returns for investors and impactful social returns for communities. We do this by fostering collaboration among our team of seasoned and talented professionals who leverage two decades of expertise and relationships to provide innovative financing solutions where they are most needed, delivering a variety of debt and equity financings to spur economic growth across the country.