WNC Provides $8 Million in Tax Credit Financing for Completion of 52,400-Square-Foot Navos Behavioral Health Care Campus in Burien, Wash.
New facility to accommodate relocation of Navos Mental Health Solutions, retain 175 jobs.
Irvine, CA, February 17, 2012 --(PR.com)-- WNC & Associates, Inc. (WNC), a national investor in urban renewal and affordable housing projects, has provided $8 million in New Markets Tax Credit (NMTC) financing to Navos Mental Health Solutions for the completion of a 52,400-square-foot Behavioral Health Care Campus in Burien, Wash. The two-building campus will facilitate the nonprofit health agency’s relocation from its existing Burien facility, which will be razed to accommodate a third runway at SeaTac Airport, retaining 175 previously at-risk jobs.
“The completion of this new facility will enable Navos to sustain and expand its dedication to its clientele in King County,” said David Shafer, executive vice president of WNC. “The new facility, with its increased capacity and leading edge clinical systems, enables Navos to offer an even higher level of care to its patients and keeps vital jobs in the City of Burien.”
The LEED Gold Certified Navos Behavioral Health Care Campus will include two buildings located at 1210 SW 136th Street and 1115-1127 SW 134th Street:
- A 45,000 square-foot, three-story Mental Health and Wellness Center that will provide a full range of integrated primary care and mental health services, including counseling, crisis intervention, educational programs, employment services and more. The building will also be equipped with state-of-the-art clinical information systems to increase efficiencies and improve the quality of care delivered.
- A 7,400 square-foot Community Activities building that will house a client-run café and catering business and an employment center offering skills training and other programs for the facility’s patients.
The new facility will increase Navos’ overall capacity by 20 percent, bringing its total patient roster to an estimated 4,000 individuals serviced through its three facilities in Burien and West Seattle.
WNC & Associates collaborated with King County Housing Authority (KCHA), National Development Council (NDC) and U.S. Bank to provide NMTC allocations totaling approximately $24 million. The financing completes a capital campaign that began in 2009 and included support from a number of local corporations, foundations and individual donors.
The project will be developed by Navos, DKA Architecture and Abbott Construction, with anticipated completion in fall 2012.
The NMTC program is a federal program created under the Community Renewal Tax Act of 2000 to stimulate economic and community development in America’s low-income communities. Additional information is available at www.cdfifund.gov.
About WNC & Associates, Inc.
WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 13 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
About WNC National Community Development Advisors
WNC National Community Development Advisors, LLC is a Community Development Enterprise providing qualified equity investments and facilitates placement of New Market Tax Credits to improve low-income communities. Additional information on WNC’s NMTC programs is available at http://www.wncinc.com/new-markets-tax-credit.html.
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“The completion of this new facility will enable Navos to sustain and expand its dedication to its clientele in King County,” said David Shafer, executive vice president of WNC. “The new facility, with its increased capacity and leading edge clinical systems, enables Navos to offer an even higher level of care to its patients and keeps vital jobs in the City of Burien.”
The LEED Gold Certified Navos Behavioral Health Care Campus will include two buildings located at 1210 SW 136th Street and 1115-1127 SW 134th Street:
- A 45,000 square-foot, three-story Mental Health and Wellness Center that will provide a full range of integrated primary care and mental health services, including counseling, crisis intervention, educational programs, employment services and more. The building will also be equipped with state-of-the-art clinical information systems to increase efficiencies and improve the quality of care delivered.
- A 7,400 square-foot Community Activities building that will house a client-run café and catering business and an employment center offering skills training and other programs for the facility’s patients.
The new facility will increase Navos’ overall capacity by 20 percent, bringing its total patient roster to an estimated 4,000 individuals serviced through its three facilities in Burien and West Seattle.
WNC & Associates collaborated with King County Housing Authority (KCHA), National Development Council (NDC) and U.S. Bank to provide NMTC allocations totaling approximately $24 million. The financing completes a capital campaign that began in 2009 and included support from a number of local corporations, foundations and individual donors.
The project will be developed by Navos, DKA Architecture and Abbott Construction, with anticipated completion in fall 2012.
The NMTC program is a federal program created under the Community Renewal Tax Act of 2000 to stimulate economic and community development in America’s low-income communities. Additional information is available at www.cdfifund.gov.
About WNC & Associates, Inc.
WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 13 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
About WNC National Community Development Advisors
WNC National Community Development Advisors, LLC is a Community Development Enterprise providing qualified equity investments and facilitates placement of New Market Tax Credits to improve low-income communities. Additional information on WNC’s NMTC programs is available at http://www.wncinc.com/new-markets-tax-credit.html.
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Contact
WNC & Associates, Inc.
Jessica Fix
714 426 0444
http://www.wncinc.com/
Jessica Fix
714 426 0444
http://www.wncinc.com/
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