Coastal Bend Food Bank
We managed the closing of $29.25 million in NMTC financing to support construction of a 108,200-SF food warehouse and distribution center for Coastal Bend Food Bank, a nonprofit serving an 11-county region in South Texas.
Coastal Bend Food Bank
Corpus Cristi, TX
The new facility significantly expands the organization's food storage capacity and adds dedicated volunteer space, a drive-through pickup area, a demonstration kitchen, nutrition services space, and a community garden. Designed to withstand hurricane winds and function as an emergency response center, the facility will enable Coastal Bend Food Bank to distribute 19 million pounds of food annually by 2028 — a 43% increase over 2020 levels.
Works Completed
Assembled $29.25 million in NMTC allocation from four Community Development Entities (CDEs), including the NMTC investor, two national CDEs, and one Texas-based CDE
Coordinated an in-person site visit for CDEs to showcase community need, project highlights and impacts, and local support
Secured top-of-market NMTC equity pricing and favorable deal terms
Structured bridge financing, budget and closing timeline to minimize interest costs
Led the closing process and coordination across four NMTC parties to ensure the target closing timeline was achieved
Results
In partnership with SB Friedman, Coastal Bend Food Bank successfully closed on NMTC financing — only the second NMTC transaction ever completed in Corpus Christi. The subsidy generated was essential to filling a significant funding gap. Construction commenced in Spring 2022 and was completed in Summer 2023.
