SB Friedman worked with Latino Network to successfully secure and structure $21 million in NMTC financing to support the construction of La Plaza Esperanza, a new 20,255-square-foot resource hub and community center dedicated to serving the unique needs of East Portland’s rapidly growing Latino population.
Latino Network is a minority-controlled nonprofit organization that caters exclusively to Portland’s Latino community. The organization provides a wide variety of culturally specific wraparound services to Latino youth and families ranging from housing assistance, immigration services, and family counseling to childcare and other youth programs. To increase Latino Network’s program capacity, La Plaza Esperanza will include the organization’s first preschool grounded in culturally relevant educational practices; youth education and development programs; supportive services for adults and families; and multi-purpose community space for events, health education, and workforce training.
SB Friedman partnered with Latino Network to ensure its high-impact project maximized the benefits of NMTCs. In addition to securing NMTC allocation, SB Friedman’s role included:
- Coordinating capital campaign bridge financing with local lender;
- Structuring overall financing to address capital gap, minimize upfront cash for NMTC closing, and create flexibility and efficiency based on capital campaign timing;
- Leading efforts to restructure public grant sources through the state of Oregon to be compatible with NMTCs;
- Working with counsel to amend deed from seller to Latino Network to ensure compatibility with NMTCs; and
- Educating committees and Latino Network’s board on NMTCs.
Results: With SB Friedman’s guidance through the NMTC process, Latino Network was able to net over $4.3 million of subsidy, over $1.5 million more than originally budgeted. Construction of the project commenced in Spring 2023.