NMTC Case Study for Byron Health Center

Project

The Bryon Health Center (the BHC) is the acquisition, construction and equipping of a 122,000 square foot residential health care facility to provide assisted living, memory care and skilled nursing services to those in need. Byron’s areas of expertise are dementia, mental illness, traumatic brain injury, intellectual development disability, and Huntington’s Disease.

With total project costs of $33.81 million, and in addition to the $12.5 million of Allocation provided by Fort Wayne New Markets Revitalization Fund (FWNMRF), the project attracted private investor equity from PNC Bank, a $3 million donation pledge from The Byron Foundation, and it received direct conventional debt from Centier Bank.

Community Outcomes

The BHC has its roots as the Allen County Poor House, built in 1853 in the Waynedale area. In 1916, the facility was moved to its Lima Road location and Fort Recovery, an anti-tuberculosis tent hospital, was established. In the late 1980s and 1990s, the behemoth of a building was one of the largest nursing homes in Indiana. The non-profit health care’s new facility at Beacon Street will help to better serve its current residents, staff and families and provide for increased capacity, providing health care for a total of 120 residents, of which all are Low-Income Persons (LIPS). If not for the residential health care facility, many residents would be homeless or living in less than ideal situations compromising their medical and mental stability.

BHC’s new facility is located in a key health corridor in Fort Wayne, adjacent to facilities that serve both mental and physical health, such as Parkview Behavioral Health. It is laid out in a series of one-story buildings. Each “neighborhood” will have 20 single residences and two shared rooms, with a shared kitchen. A “sensory neighborhood” is designed for those with traumatic brain injuries, or other psychosis. In addition to its community services outcomes, FWNMRF’s investment supports 328 direct jobs, and the catalytic impact of bringing such jobs to the neighborhood will stabilize both the rental and owner-occupied housing stock as employees move nearby and create an increased housing demand.

TOTAL PROJECT COST:
$33,810,000

NMTC ALLOCATION:
$12,500,000

FINANCING COMPLETE:
April2019

PROJECT SPONSOR:
The Byron Foundation, Inc.

CDE:
Fort Wayne New Markets Revitalization Fund, LLC

NMTC INVESTOR:
PNC Bank

LEVERAGED LENDER:
The Byron Foundation, Inc.

ADDRESS:
1661 Beacon Street
Fort Wayne, IN

CENSUS TRACT:
18003003500

COMMUNITY OUTCOMES:
122,000 SF
120 LIPs Served
328 Direct Jobs

LOW-INCOME COMMUNITY:
Poverty Rate: 26.7%
MFI: 70.56%
State/Local Economic Zone