Children's Village at Lotus Village
SB Friedman facilitated the closing of $32 million in New Markets Tax Credit financing to support Lotus Children's Village, a new, one-stop education and resource center serving low-income and homeless children and families in Miami's highly distressed Overtown neighborhood.
Lotus Endowment Fund
Miami, FL
The 71,280-SF facility expands the capacity of the adjacent Lotus Village women and children's shelter, co-locating a nationally recognized child therapy program, on-site preschool, full-service health clinic, and space for Overtown-based nonprofits to deliver youth programming and social services. SB Friedman, which previously assembled $26.5 million in NMTC allocation to support Lotus Village, played an integral role in maximizing the benefits of NMTCs for this highly impactful project.
Works Completed
Assembled $32 million in NMTC allocation from three Community Development Entities
Negotiated and obtained top-of-market NMTC equity pricing
Assisted the client in sizing and structuring a below-market Program Related Investment from a foundation to address timing issues associated with the project's capital campaign
Assisted with execution of the closing process to maximize efficiency
Results
With SB Friedman's involvement, Lotus Children's Village successfully navigated the complexities of NMTC financing, ensuring the facility could provide a full breadth of resources to low-income children and families in Overtown. Construction was completed in the summer of 2024.
