Phase 3 of the Southeast DC cultural center THEARC has secured its financing, led by SunTrust Banks.
The bank leads a group of financiers with $32.3M in New Markets Tax Credit allocations, which included a $7.4M loan. The project will add 92k SF to the existing space and will house an expanded clinic managed by Children's National Medical Center, plus arts and education programming form Appletree Institute for Education Innovation, Bishop Walker School for Boys, and The Phillips Collection. The project will also include a black box theater.
City First Bank, Low Income Investment Fund and Enterprise Community Investment each chipped in $10M in NMTC, with SunTrust chipping in $2.3M. SunTrust Community Capital is the equity investor in the deals. Construction is scheduled to finish in 2017.
WC Smith nonprofit Building Bridges Across the River operates THEARC in Ward 8.
“This latest financing transaction demonstrates both the success of THEARC and the need for more services in Ward 8,” WC Smith chairman and CEO Chris Smith says. “We believe Phase III will be a further economic driver for this neighborhood for many years to come.”
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