SB Friedman has served Dallas Development Fund (DDF), the City of Dallas’ nonprofit NMTC financing entity, since 2009. We were initially selected to prepare a competitive application in the 2009 NMTC allocation round. In the process of preparing this application, we assisted DDF in:
- Devising strategic goals for its program;
- Defining areas of investment focus; and
- Designing financial products to achieve maximum impact on community needs and build off existing City programs.
We have drafted three NMTC applications on behalf of DDF, including business strategy narratives, financing product descriptions, community impact analysis, management structure, capitalization strategy and projections, and financial modeling. These efforts resulted in three awards, totaling $130MM of NMTC allocation.
SB Friedman has also been retained by DDF to assist with all aspects of its NMTC program, including deal structuring, investor outreach, transaction underwriting, closings, compliance, asset management, community impact measurement, and subsequent NMTC application efforts. We have successfully committed and structured transactions for $85MM of NMTCs to date, including:
- Hatcher Station Health Clinic, a $19MM, 60-room community health clinic located at a DART light rail station. The clinic, which will serve over 20,000 people annually, is the catalytic first phase in a larger transit-oriented commercial development.
- CitySquare Opportunity Center, a $13.8MM, 53,000-square-foot LEED Silver community facility in the South Dallas/Fair Park community providing job training and adult education, nutrition and wellness programs, and community services coordination.
- Lancaster Urban Village, a $25MM, 200-unit mixed-use mixed-income residential and retail project that is anchoring revitalization efforts in the disinvested Lancaster Corridor of Southern Dallas. The complex financing structure includes HUD 221(d)(4) senior loan guarantees, HUD 108 subordinate loans, Chapter 380/PPP loans, TIF funds, and NMTCs.
- NYLO Hotel, a $19.5MM historic adaptive reuse project resulting in a LEED Silver boutique hotel. The hotel anchors the City’s revitalization efforts in the Cedars neighborhood adjacent to a Dallas Area Rapid Transit (DART) light rail station. The complex financing structure includes NMTCs, Historic Tax Credits, and EB-5 funds sourced through the City of Dallas’ Regional Center.
Results: In May 2015, the National Development Council presented Lancaster Urban Village with its best in class Creative Financing Category award. SB Friedman continues to assist DDF in deploying the balance of its current allocation while pursuing additional credits from the U.S. Treasury.