Food Bank of the Rockies
Serving 55 counties across Colorado and Wyoming, Food Bank of the Rockies sought to expand its operations to meet growing regional need. We secured $89 million in NMTC allocation across four separate transactions to help make this happen.
Food Bank of the Rockies
NMTC for Projects
Grand Junction and Aurora, CO
Food Bank of the Rockies provides emergency food assistance to low-income residents across Colorado and Wyoming, the largest food bank coverage area in the contiguous United States. SB Friedman has worked alongside the organization across four separate NMTC transactions that supported:
- Working capital to assist with increased food purchases
- New 52,000-SF facility in Grand Junction, CO that includes space for food distribution and the local Meals on Wheels operations
- New 270,000-SF headquarters facility in Aurora, CO that dramatically increases capacity
Work Completed
Secured, structured and closed $89 million in NMTC allocation from local and national CDEs in advance of key industry deadlines
Structured financing to support both capital and operational expenditures
Obtained and negotiated multiple proposals from NMTC investors to maximize project benefits
Coordinated with and provided technical assistance to a local bank without NMTC experience to close on a capital campaign bridge loan supporting the NMTC financing
Successfully navigated a unique general contractor arrangement to facilitate financing close
Results
As a result of the NMTC financing, Food Bank of the Rockies opened its new Grand Junction facility in 2023 and its new Aurora facility in 2026, while having additional funds to purchase more food for distribution.
Featured Impact Numbers
96.1 M pounds
Food Distribution Capacity (increased from 80 M pounds), including 17.5 M pounds to rural communities
179 jobs
Supported at Aurora Facility
Testimonial
Steve Kullberg, Chief of Staff, Food Bank of the Rockies
“The guidance of SB Friedman made the NMTC process run smoothly and enabled Food Bank of the Rockies to build world-class distribution facilities that will serve Colorado and Wyoming for years to come.”