Make the road ny community center

overview

Location: Queens, NY

Client Partner: Make the Road NY

Rise’s Role: Financial Advisor

Size: 24,000 SF

Sources:

• New Markets Tax Credits

• Senior Debt

• Bridge Debt

• DASNY Grants, NYC EDC Grants, and other philanthropic sources

Project summary

Make the Road NY is a 20+ year old community based nonprofit organization that provides an array of wraparound services that builds the power of immigrant and working class communities to achieve dignity and justice. Once opened, this new community center will expand their organizing, policy innovation, transformative education, and survival services, and increase the number of people served in this new environmentally sustainable community center.

Rise’s strategy & solution

Rise was engaged in 2017 to provide financial advice, structure the financing transaction and raise capital (debt and NMTCs) for this transformative project. In addition to raising capital, a key requirement was to ensure that each of the financial tools (debt, NMTCs, grants) could seamlessly work together. Rise worked closely with MRNY leadership and various funders to ensure a seamless closing of the financing. Post-closing, Rise continues to work closely with MRNY and other parties on construction administration as well as reporting and compliance.