LIIF and Partners Win Novogradac Award for Sears Crosstown Project
The Low Income Investment Fund has been named the winner of the 2015 Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards in the Real Estate category. The awards recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) in the past year. Winners will be honored Oct. 21 at the Novogradac New Markets Tax Credit Conference in Chicago.
Low Income Investment Fund and partners Mid-City Community CDE, DV Community Investment and National Trust Community Investment Corporation are being recognized for our investment in the Crosstown Concourse mixed-use development in Memphis. A vacant Sears Roebuck & Co. distribution center that was built in 1927 will undergo a $200 million transformation into retail space, a charter high school, healthcare clinics and affordable housing. Once complete, this “vertical urban village” will provide 262 units of new affordable housing, serve 125,000 healthcare patients and 2,500 students and teachers per year, and create 900 new permanent jobs.
Included in the financing was a $56 million new markets tax credit (NMTC) structure with $10 million in allocation from LIIF, $12 million from Mid-City Community CDE, $10 million from DV Community Investment, $5 million from the National Trust Community Investment Corporation. NMTC equity was provided by SunTrust Community Capital LLC. The project is also leveraging historic tax credit equity from GSGroup Sears Crosstown HTC Investor LLC (The Goldman Sachs Group), conventional financing from SunTrust Bank, local debt from the city of Memphis, tax abatements and nearly $50 million in equity and contributions.