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|
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