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ESIC New Markets Partners, LP
Columbia MDESIC New Markets LP (“ESIC”) will provide both real estate investment and business lending products. Products will include senior and subordinated debt, as well as equity, and will be used to finance the new construction or substantial improvement of commercial and mixed-use real estate assets in higher distressed low-income communities. Working with local partners, ESIC focuses on catalytic transactions that will help transform blighted areas into vibrant economic centers and will result in the creation and/or retention of jobs and other economic benefits to low-income persons and residents of low-income communities.
CDFI Awards for ESIC New Markets Partners, LP
NMTC (2008) - $95,000,000
ESIC New Markets Partners LP (“ESIC”) will use its NMTC allocation to offer investments and loans to real estate projects and qualified community-based real estate related businesses at below market rates and/or with flexible terms. ESIC will focus on catalytic transactions that will create and/or retain jobs and provide other economic benefits to low-income persons and residents of low-income communities, and will set in motion the transformation of blighted areas into vibrant and economically sustainable communities. In addition, ESIC will use its NMTC allocation to increase its investments in projects that incorporate “green” criteria, such as LEED certification, or otherwise create environmentally sustainable outcomes.
NMTC (2007) - $100,000,000
ESIC New Markets LP (“ESIC”) will provide both real estate investment and business lending products. Products will include senior and subordinated debt, as well as equity, and will be used to finance the new construction or substantial improvement of commercial and mixed-use real estate assets in higher distressed low-income communities. Working with local partners, ESIC focuses on catalytic transactions that will help transform blighted areas into vibrant economic centers and will result in the creation and/or retention of jobs and other economic benefits to low-income persons and residents of low-income communities.
NMTC (2006) - $105,000,000
ESIC New Markets Partners LP (ESIC LP) will use its NMTC allocation to support real estate investment and business lending products. Real estate investment products will include debt and equity to be invested in commercial and mixed-use real estate development projects. Non-real estate products will include working capital loans and lines of credit to real estate-related businesses that operate in low-income communities. The NMTC allocation will allow ESIC LP to continue to offer: tax credit-enhanced equity; subordinate loans; debt with equity-like features; interest rates of at least 200 basis points below market; longer than standard interest-only and amortization periods; more flexible credit standards for borrowers; and non-traditional forms of collateral such as third-party credit enhancements.
NMTC (2005) - $80,000,000
ESIC New Markets Partners LP (ESIC) will use its NMTC allocation to provide debt and equity financing for commercial and mixed-use real estate development projects, and to provide working capital loans and lines of credit to real estate related community-based organizations. The NMTC allocation will enable ESIC to offer more flexible and non-traditional financing terms, including lower-cost equity, subordinated debt, and loans with interest rates at least 200 basis points below market. The NMTC allocation will also enable ESIC to enhance a new product line focusing on the development of environmentally beneficial real estate projects.
NMTC (2003) - $140,000,000
Through this NMTC Allocation, ESIC will provide both real estate investment and business lending products. Real estate investment products will include debt and equity, for commercial and mixed-use real estate development projects, in the form of senior debt, mezzanine debt, historic tax credit equity, and straight equity. Business lending products will include working capital loans to community-based housing developers, and construction/ permanent loans to developers and operators of community facilities, including child care centers, charter schools, and senior centers. The NMTC Program will permit the allocatee to significantly increase the volume of its activities and to introduce new debt and equity products, such as a permanent loan product for community facility development.
NMTC (2002) - $90,000,000
The Allocatee will utilize its NMTC allocation to provide mezzanine debt, or senior loans coupled with mezzanine debt, for commercial real estate projects. Investments may range in size from $3 million to $25 million per transaction. ESIC indicates that having access to the NMTC will allow it to significantly expand the volume of its activities, as well as to expand the types of products it offers in the commercial real estate market.
Other Community Development Financial Institutions in Maryland
Advance Bank
Baltimore
Baltimore Community Lending, Inc.
Baltimore
CDF Development, LLC
Baltimore
Charter Facilities Funding, LLC
Clarksville
Community Development Ventures, Inc.
Baltimore
Development Credit Fund, Inc. (DCF)
Baltimore
ESIC New Markets Partners, LP
Columbia
Faith Fund, Inc.
Baltimore
First Combined Community Federal Credit Union
UPPER MARLBORO
Harbor Bankshares Corporation
Baltimore
Maryland Capital Enterprises, Inc.
Salisbury
McAuley Institute
Silver Spring
Mid-City Community CDE, LLC
Bethesda
Native American Capital, LP (NAC)
Silver Spring
Urban Research Park CDE, LLC
Hunt Valley
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