VCDF: New Market Tax Credit Project Closing Updates
VCDC is proud to announce the closing of three projects in 2020 by our lending affiliate, VCDF (Virginia Community Development Fund), to obligate one half of our allocation of 2018 New Market Tax Credits.
The Richmond Times-Dispatch building at 300 E Franklin St in Richmond, VA:
VCDF invested $4MM in NMTC and is partnering with Shamin Hotels, whose plans for renovating the building include retrofitting and upgrading the top floor for the Times-Dispatch, which will remain under a long-term lease, relocating Shamin Hotels corporate offices into the building, and renovating the remaining space for lease to local businesses, institutions, and regional non-profits.
Capital One joined the deal as an investor and co-CDE. The project closed May 15, 2020 and construction is expected to be completed in late 2021.
Boys & Girls Club of Metro Richmond Launchpad:
VCDF used $6MM QEI to provide $5.8MM in NMTC for the renovation of a vacant shopping center into a community facility for teens and young adults, located in Richmond, VA’s distressed East End.
The project is sponsored by the Boys & Girls Club of Metro Richmond, whose comprehensive development plan involves the immediate renovation of the existing Eastlawn Shopping Center into a 16,000 sf facility with an additional 12,000 sf of commercial space for lease. The plan also includes the future development of adjacent, vacant parcels for transitional housing, a half-court gym, and new infrastructure.
VCDF partnered with a new investor, Dudley Ventures, to bring funds to BGCMR. The project closed in late October 2020 and construction is expected to be completed in summer 2021.
Kanawha County Public Library:
As one of three CDE’s participating in financing for the renovation and expansion of the Kanawha County Public Library (KCPL) in Charleston, WV, VCDF invested $2.5MM in NMTCs alongside Community Ventures Appalachia and JP Morgan Chase.
The renovation and expansion will comprise a full overhaul of the current facility and programming space, featuring new spaces for childcare and community meetings, high speed internet, and an innovative technology lab. The final project will add 20,000 sf to the existing building, providing a fully-equipped 80,000 sf facility and more than doubling the children’s activity space, building out reading areas, study rooms, and flexible meeting space for groups of up to 200 people. The project closed on December 10, 2020.