Allegheny YMCA
SB Friedman secured $15 million in NMTC financing to breathe new life into a 97-year-old Pittsburgh community institution serving thousands of Northside residents.
Allegheny YMCA
Pittsburgh, PA
The Allegheny YMCA is the last remaining Pittsburgh YMCA offering both member programming and housing, including 20% of the city's Single Room Occupancy units. However, the aging facility had become severely outdated, limiting its ability to fully serve the community. We worked with the YMCA of Greater Pittsburgh to close on NMTC financing to fund a comprehensive renovation of the historic 38,000-SF facility. This included improving ADA accessibility, optimizing programming space, and providing 100% affordable long-term housing and supportive services.
Works Completed
Secured $15 million in NMTC allocation and led all financial closing efforts to maximize efficiency
Secured an innovatively structured senior bridge loan from a Community Development Financial Institution as part of the NMTC leverage
Led financial structuring to ensure NMTC compatibility with Historic Tax Credits, local and state grant sources and non-NMTC debt
Navigated technical NMTC compliance requirements related to 80/20 residential and commercial uses
Prepared a compelling impact and marketing summary highlighting the community benefits of the project
Results
The YMCA of Greater Pittsburgh closed on NMTC financing in November 2024, with construction anticipated for completion in 2026.
Featured Impact Numbers
89 (100% affordable)
SRO units renovated
2,500+
Members served with behavioral health, wellness and fitness programs
300
Youth served with early childhood and out-of-school enrichment programs
38 seats
New childcare center capacity: 38 seats
