PCDC Closes Financing for $18.2 Million Callen-Lorde Brooklyn Project
New York, NY — Callen-Lorde Community Health Center’s new 25,000-square-foot facility located in the heart of Downtown Brooklyn is the first project to receive funding from the New York State Community Health Care Revolving Capital Fund. The Primary Care Development Corporation (PCDC) and the State of New York created the revolving loan fund through a public-private partnership in 2017 to improve access to care for all New Yorkers and financing capital for community-based health organizations.
Callen-Lorde Brooklyn is projected to enable the organization to serve an additional 15,000 patients and create 100 full-time jobs. The $2.5 million financing from the statewide fund supports Callen-Lorde’s $18.2 million expansion, marking the organization’s fourth clinical site in New York City to provide critically needed health care services for LGBTQ communities, people living with HIV/AIDS, and the uninsured, regardless of ability to pay.
“PCDC and Callen-Lorde are leaders in providing affordable, accessible, culturally competent care. As partners, they’re helping build the strong foundation of primary care our health care system needs,” said New York State Assembly Health Committee Chair Richard N. Gottfried, who led the effort in the State Legislature to establish the Community Health Care Revolving Capital Fund. “The Revolving Capital Fund administered by PCDC is making possible this important expansion of Callen-Lorde’s services into new communities.”
“The partnership between Callen-Lorde and PCDC will expand access to critical primary health care services to underserved communities in Brooklyn, while boosting our state’s economy by creating a significant number of new jobs,” said State Senator Gustavo Rivera, Chair of the Senate Health Committee. “I look forward to continue supporting the NYS Community Health Care Revolving Capital Fund, which through PCDC, will allow more community-based health organizations, such as Callen Lorde, to expand their operations across the state and provide quality and affordable primary health care to New Yorkers.”
“PCDC has been our longtime strategic partner, and we would not have been able to imagine and actualize our expansion into Brooklyn without them,” said Wendy Stark, Executive Director of Callen-Lorde. “The new Brooklyn facility will allow us to expand our capacity by close to 70 percent at a time when we, because of space constraints, are unable to meet our communities’ demand for primary care and behavioral health services. This critical expansion of culturally appropriate services will result in healthier LGBTQ communities, and ultimately, a healthier Brooklyn.“
“PCDC is pleased to have a rich history and relationship with Callen-Lorde,” said Anne Dyjak, Managing Director of Capital Investment at PCDC. “We are thankful to Chairman Gottfried and Chairman Rivera for helping make this innovative financing program to expand care access and services a reality for New Yorkers.”
Administered by PCDC, the New York State Community Health Care Revolving Capital Fund provides affordable and flexible loans to Article 28 health centers, Article 31 mental health centers, and Article 32 substance abuse treatment centers in the Empire State to finance the construction, expansion, and renovation of community health care facilities. The funds may also be used for credit enhancement and loan and debt service reserves to allow a facility to stimulate greater private sector investment. For more information on eligible projects, please visit pcdc.org/newyork.
In addition to the $2.5 million support from the Community Health Care Revolving Capital Fund, PCDC is leading the financing of Callen-Lorde Brooklyn’s $18.2 million expansion by providing $6 million in debt financing and $8 million in federal New Markets Tax Credits. PCDC’s financing partners in this project were JPMorgan Chase, CSH, Nonprofit Finance Fund, and Bluehub Capital.