Navigation Links
Wainwright Bank Provides $10 Million in New Markets Tax Credits and $7.4 Million in Financing to Hope House
Date:4/22/2009

BOSTON, April 22 /PRNewswire-FirstCall/ -- Wainwright Bank & Trust Company (Nasdaq: WAIN), announced today that it has recently closed on a complex New Markets Tax Credit financing structure for Hope House, a non-profit with a 50-year history of providing clinical treatment, job training and job placement for recovering alcoholics and substance abusers.

The Bank provided $10MM of New Markets Tax Credit Allocation (as the controlling entity of AI Wainwright LLC) as well as $7.4MM of loans to facilitate Hope House's move to 34,000 sq feet of new programmatic and administrative space in the Roxbury neighborhood of Boston. Additionally, this project is LEED Silver certifiable with green design features such as photovoltaic panels and a geothermal heating system. The goal of Hope House rehabilitation services is to provide a structured and comprehensive environment to support a client's recovery from alcohol and drug abuse in a clean, safe, comfortable, and supportive home environment and to encourage an independent lifestyle. Its new green facility with the affordable financing provided through this transaction will allow Hope House to lower their fixed costs and use the additional cash flow to expand their programming.

"Wainwright Bank's creative approach to financing and strong support of our mission has been integral to Hope House's success. We are excited to provide a new and wonderful home for our residents. Thanks to Wainwright, we will be able to better serve our clients as they move through recovery and become productive members of their communities," said Hope House Executive Director Tom Duffly.

In making the announcement, Jan A. Miller, President/CEO stated, "We are pleased to team with Hope House to enable them to build their new facility and continue to provide their valuable rehabilitative services. Non-profit and community development lending is a core business strategy of the Bank. Loan demand continues to be strong as we have closed more than $37 million in new commercial and residential loans year to date"

A socially conscious bank established in 1987 Wainwright Bank offers a complete array of commercial banking services, including investment management through it's wholly owned subsidiary, Heritage Capital Management, Inc. With Boston branches in the Financial District, Back Bay/South End, Jamaica Plain, Dorchester, Cambridge branches within Harvard Square, Kendall Square, Central Square and the Fresh Pond Mall, its Watertown, Somerville, Newton, and Brookline branches, Wainwright is strategically positioned to provide consumer and commercial mortgages, loans, and deposit services to individuals, families, businesses, and non-profit organizations.

This Press Release contains statements relating to future results of the Bank (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Legislation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Bank's market, bond market fluctuations, personal and corporate customers' bankruptcies, and inflation, as well as other risks and uncertainties.

    Jan A. Miller
    President and CEO
    Tel:      (617) 478-4000
    Fax:      (617) 478-4010
    Website:  www.wainwrightbank.com


'/>"/>
SOURCE Wainwright Bank & Trust Company
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Wainwright Bank Provides $10.6 Million to Harbor Health Services, Inc.
2. Study provides hope that some transplant patients could live free of antirejection drugs
3. Study provides hope that some transplant patients could live free of anti-rejection drugs
4. USAID Provides Additional Wildfire Assistance to Greece
5. LifeMasters Provides Tips for Maintaining a Healthy Blood Cholesterol Level
6. New knock-out gene model provides molecular clues to breast cancer
7. PreMD Provides Update on 510(k) Application for PREVU(x) POC
8. SIV infection of natural hosts provides new insights into HIV disease complexity
9. Microarray provides 3 genomic guides to breast cancer treatment decisions
10. Access Innovations Provides Support Services for Agis Network
11. Crdentias VP of Marketing, Christina Hogan, Provides Exclusive Interview on Marketing Strategy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/9/2016)... (PRWEB) , ... December 09, 2016 , ... ... whiteboard display solutions, proudly announced today that a new solution for Emergency Departments ... fit in the tight space in Emergency Department examination rooms, and with a ...
(Date:12/8/2016)... Cambridge, MA (PRWEB) , ... December 08, 2016 ... ... the Workers Compensation Research Institute (WCRI) officially opened registration today for its ... Place Hotel in Boston, MA . , The theme of the conference is ...
(Date:12/8/2016)... ... December 08, 2016 , ... CURE Media Group, the nation’s leading digital ... aligned with Upstage Lung Cancer in efforts to combat lung cancer, announced CURE Media ... Jr said, “CURE Media Group is honored to team up with Upstage Lung Cancer ...
(Date:12/8/2016)... (PRWEB) , ... December 08, ... ... Presence Suite 10.2 version gives development continuity to its innovative Unified Instance ... channels management capacity. In addition, this new version optimizes the unattended auto-dialing ...
(Date:12/8/2016)... ... December 08, 2016 , ... Today’s patients are encouraged ... in mind, SIGVARIS has created a new line of anti-embolism stockings to help ... provide the benefits of graduated compression when transitioning from recovery to early rehabilitation. ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... 8, 2016 KEY FINDINGS ... of the market in 2016 and is expected to ... attributed to a large number of surgical procedures that ... largest share in the patient temperature management market.) Patient ... reducing loss of blood during surgeries, lowering the risks ...
(Date:12/8/2016)... Research and Markets has announced the addition ... Adhesion Type, Application, Usability - Forecast to 2025" report to ... , , ... poised to grow at a CAGR of around 3.2% from 2015 ... witnessing include advancements in extracellular microelectrode arrays and intracellular microelectrodes, research ...
(Date:12/8/2016)... 2016  Valeant Pharmaceuticals International, Inc. (NYSE: ... announced positive results from a Phase 3, multicenter ... safety and efficacy of IDP-118 (halobetasol propionate and ... Within the Phase 3 study ... psoriasis, IDP-118 showed statistical significance to vehicle with ...
Breaking Medicine Technology: