19 Feb BBIF FLORIDA PROVIDES $6 MILLION IN NEW MARKETS TAX CREDITS FOR ORLANDO’S APRIRE HEALTH
BBIF Florida (BBIF) is pleased to announce the successful closing of $6 million in New Markets Tax Credit (NMTC) financing that assures Aspire Heath Partners has immediate resources for improving their current 135,000 sq. ft. Mercy Drive facility. The renovation includes converting a floor of office space into 34 psychiatric beds for individuals with mental health disorders, a new patient outdoor terrace, and creates a secure patient drop off facility.
BBIF structured the financing for the $6.5 million project and is providing $6 million of NMTC allocation through its affiliate Community Development Entity (CDE) in concert with SunTrust Community Capital, LLC, a subsidiary of SunTrust Bank.
“Aspire is a vital health resource for more than 10,300 residents of Orlando and provides critical mental health services within the community,” said Inez Long, President and CEO of BBIF. “With this funding, BBIF is proud to ensure that the mission of Aspire continues to grow and strengthen its capacity for the community to access quality mental health facilities.”
Currently, Aspire provides services to over 10,300 patients annually at its Mercy Drive location. The renovation will enable Aspire to serve approximately 2,100 additional unique clients each year, of which 95% are anticipated to be low-income individuals. The expansion is expected to create 38 new full time positions.
“We are very fortunate to have the assistance of BBIF. Their financing allows us to expand our capacity to help our clients achieve and maintain healthy lifestyles,” said Jerry Kassab, President of Aspire Health Partners.