Community Healthcare Network: NMTC Project
Convergent Law (formerly NP Law) is proud to work with Monge Capital to close on a $10,000,000 New Markets Tax Credit financing with the Community Healthcare Network (CHN) in December, 2021.
This financing allowed CHN to continue to expand its services in the Lower East Side on Houston Street and in Long Island City. CHN continues to be a creative and thoughtful in utilizing NMTCs to further its mission to provide healthcare services in the five boroughs. With the proceeds of the financing, CHN can relocate and redevelop its state-of-the-art health centers in both locations and provide long-term financial stability to ensure better service for years to come. We congratulations the CHN and Monge Capital teams on another great closing!
Our firm is pleased to have the opportunity to team up with Monge Capital on another financing project for the Community Healthcare Network (CHN). CHN is a federally qualified healthcare center that offers much-need healthcare services throughout the 5 Boroughs in New York and beyond. This financing consisted of a New Markets Tax Credit (NMTC) financing that helped CHN’s relocation to Houston Street in a further expansion of its service footprint. The financing will help CHN make tenant-related improvements to its lease space. In addition to this new facility in the Lower East Side, the NMTC also helped CHN acquire a building in Long Island City which is also a location where it currently operates. This financing in the total amount of $10,000,000 will help CHN improve and expand its operations in New York.
Convergent Law is excited to be able to work with CHN in furthering its mission. As part of these projects, we assisted CHN in the negotiation of the lease on Houston Street, as well as the negotiation and closing on the land acquisition on Long Island City. Through this comprehensive approach to both projects, our firm was able to provide continuity of counsel and advice that allowed the real estate transactions to be prepared for an aligned with the future financing. NMTCs are akin to loans for borrowers, but they also have unique qualities and requirements that are easier to address at the onset of any real estate deal.