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Our direct origination strategy is focused on the direct sourcing and structuring of primarily debt financings in transactions that deliver meaningful and measurable social impact to our borrowers and their respective communities across a broad range of project types that are not easily or efficiently financed through traditional lending channels. Our targeted origination approach is centered on an established yet growing relationship network with local governments, institutions of higher education, not-for-profit entities, and other borrowers that use the financing we provide, to fund economic development projects in infrastructure, education, healthcare, and housing.

Representative Credit Types


Real Estate

Special assessments / special tax transactions with proven developers

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Senior Living

Construction and rehabilitation needs for independent living, assisted living, and memory care facilities


Economic Development

Tax increment, tax credit and other economic development incentive financings for developing and completed projects



Education related projects including student housing, public and private education institutions and charter schools



Primarily debt investmentsĀ in infrastructure related projects including transportation, safety, social and other projects


General Government

General government needs sometimes require a special capital provider. PHC often fills that role in general obligation, lease appropriation or other needs.

Target Investment Characteristics


  • Collateral-backed financings
    • real estate
    • contracts
    • revenues
  • Investment with the outlook for credit appreciation
  • Construction risk OK
  • Debt-focused with some equity appetite
  • Distressed situations OK
  • Unrated

Unique Structures Offered

  • Drawdown bonds over construction period
  • Stepped coupons
  • Taxable bridge to tax-exempt bonds
  • Master facilities financings
  • PHC participation across capital stack including equity
  • Bridge to EB-5 or tax credits


Security Instrument

  • Hold sizes from $10-$100 million+ (target range is $20-$50 million)
  • 10-30 year debt periods
  • Fixed-rate or variable-rate
  • Tax-exempt or taxable debt
  • Private placements or limited offerings
  • CUSIP bond preferred / loan acceptable


Social Impact Finance Framework

  • Focus on projects with measurable social benefit
    • Affordable basic infrastructure
    • Access to essential services
    • Affordable housing
    • Employment generation
    • Socioeconomic advancement and empowerment
  • Purpose built direct origination platform
  • Investing across asset classes, including
    • Economic development
    • Infrastructure
    • Workforce housing
    • Heathcare
    • Education
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