Preston Hollow Community Capital Joins Urban Health Plan for Groundbreaking on Bronx Community Health Center
April 07, 2022 09:00 AM Eastern Daylight Time
DALLAS–(BUSINESS WIRE)–April 7, 2022 – Dallas-based Preston Hollow Community Capital (PHCC), a provider of specialized impact financing solutions for projects of social and economic importance to local communities, joined Urban Health Plan, Inc. (UHP) to celebrate the April 1st groundbreaking of its community health facility located at 1095 Southern Boulevard. The state-of-the-art facility is expected to open in the spring of 2024 and will serve residents of the Hunts Point/Longwood community. UHP provides high-quality, affordable medical, behavioral health, and oral health care services to medically underserved communities in the Bronx, Queens, and Manhattan.
“This was a complex financing transaction, but it was a labor of love. It wouldn’t have happened without the support and cooperation from the various state and local government agencies involved.”
“Today’s groundbreaking represents a milestone for both Urban Health Plan and our community,” said Paloma Hernandez, President, and CEO of Urban Health Plan. “It was 48 years ago today that our first location opened directly across the street. This new health center represents a huge step forward in increasing community access to primary care, critical specialty care services and innovative disease prevention programs. We thank everyone involved for their support and their steadfast commitment to this important project that will help us to continue our mission of improving each patients’ overall health and quality of life.”
In his remarks during the groundbreaking ceremony, Jim Thompson, PHCC’s CEO and Chairman, said, “This was a complex financing transaction, but it was a labor of love. It wouldn’t have happened without the support and cooperation from the various state and local government agencies involved.”
Among those attending the event were Rafael Salamanca, New York City Council Member; Ann Williams Isom, New York City Deputy Mayor Health & Human Services; Vanessa Gibson, Bronx Borough President; Reuben McDaniel III, President & CEO, Dormitory Authority of the State of New York; Luis Sepulveda, State Senator; Andrew Kimball, CEO, New York City Economic Development Corporation; Kenny Burgos, Assembly Member; and Ann May Hoyte-Nelson, New York State Department of Health.
PHCC provided financing for the project through a $60.9 million tax-exempt bond transaction issued by the Dormitory Authority of the State of New York. The transaction also includes a capital grant of $20.3 million driven by Council member Rafael Salamanca, 17th Council District, The Bronx and a second capital grant of $4.5 million provided by the New York State Department of Health.
UHP is a Federally Qualified Community Health Center with a network of 12 health centers, two outpatient mental health sites, 12 school-based health centers and two part-time facilities. UHP was founded in 1974 by Dr. Richard Izquierdo, a local physician, and provides care to patients, regardless of their ability to pay. UHP provides comprehensive and affordable primary and specialty healthcare services to all of the communities it serves. In 2021, UHP provided close to 400,000 visits for 80,000 patients.
About Preston Hollow Community Capital
Preston Hollow Community Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering certainty and flexibility to our borrowers.
Robin West, Urban Health Plan
Max Pickle, Preston Hollow Community Capital