Food Bank of the Rockies
Serving 55 counties across Colorado and Wyoming, Food Bank of the Rockies needed to construct a new facility to expand its operations. We secured $55.5 million in NMTC allocation to help make this happen.
Food Bank of the Rockies
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 supported the organization across four separate NMTC transactions, with the most recent financing enabling construction of a new 270,000-SF facility that will allow Food Bank of the Rockies to significantly increase food distribution to 96.1 million pounds annually at full operations.
Works Completed
Secured, structured and closed $55.5 million in NMTC allocation from five CDEs in advance of a key industry deadline
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
The $55.5 million in NMTC allocation generated nearly $12 million in direct subsidy, supporting construction of a new facility with increased food storage, a large commercial kitchen and capacity to advance programs such as the Culturally Responsive Food Initiative. To date, we have raised $84 million in NMTC allocation in four separate transactions.
Featured Impact Numbers
96.1 million pounds
Increased food distribution capacity from ##
