Case Study:
Mary's Center
Client
Mary's Center
Overview
Organization Type
Mary Center is a Community Health Center that provides health care, family literacy and social services to individuals whose needs often go unmet. The Center offers high-quality professional care to residents from the entire DC metropolitan region, including individuals from nearly 50 countries, trhough 8 locations.
Non-Profit
Opportunity
Mary’s Center sought a real estate advisor to provide real estate and financial advisory services. The organization desired to enter into a Purcahse and Sale Agreement and a Development Services Agreement with a local Developer, for the development of the 3910 Georgia Ave facility as part of a mixed-use development that would also contain workforce housing and underground parking. Mary Center desired to maintain a precense at this location to be able to continue service for the community.
Mary’s Center wishes to engage a consultant for the purposes of assisting with the acquisition and development of the Facility and entering into the Agreements that will: 1) maximize Facility value and minimize development risk to Mary’s Center, 2) minimize drain on the Organizations financial and human resources, and 3) enable Mary’s Center to fulfill and expand its mission and continue to serve its constituents in Ward 4.
Solution / Outcome
CSG Urban Partners lead the organization’s developer negotiations for the acquisition of commercial space within the Georgia Avenue Corridor in Washington DC. The project resulted in a new 130,000 square foot mixed-income housing development of which 28,000 sf was specifically built out for community health care space for Mary's Center. The new facility has become Mary’s Center’s largest center, featuring 22 exam rooms and five dental chairs, as well as beautiful new program space.
Additionally, CSG was retained by Mary’s Center to devise a capitalization strategy for Mary’s Center to undertake two capital projects including the development of its new state-of-the-art community health care center described above and the renovation of an existing aging community health care facility in Adams Morgan. As part of this assignment, CSG Urban Partners was instrumental in helping Mary’s Center secure a $20 million New Markets Tax Credit (NMTC) allocation from a local Washington, DC Community Development Entity that resulted in NMTC funding for the projects of $5.5 million.
