SunTrust Community Capital, a subsidiary of SunTrust Banks, Inc., announced today that it will provide $4.8 million of equity to capitalize $17 million of New Market Tax Credit (NMTC) allocation from Florida Community Loan Fund (FCLF), as well as $1.3 million of equity to capitalize $4 million of NMTC allocation from Popular Community Capital, LLC, additionally, SunTrust Bank will provide $12.4 million in loans, all to help construct a new 64,000 square foot YMCA community center. Located at 1409 Sistrunk Boulevard in Fort Lauderdale, Florida, and sponsored by the YMCA of South Florida, the facility will be known as the LA Lee YMCA/Mizell Community Center.
The project has been purposely designed by the City and community stakeholders with a wide variety of uses, with the goals of the low income community at heart and is expected to provide social and education services to serve over 55,000 people annually. The new building will contain 19,497 square feet of educational facilities, 37,566 square feet of community facilities focused on health and wellness, social services and recreation and 7,400 square feet of commercial retail providing critically needed community services. The YMCA is specifically targeting third party tenants to occupy an additional 22,712 square feet of space.
“The LA Lee YMCA/Mizell Community Center is a result of great collaboration between the YMCA, the City, and community partners. Not only will this be a modern facility, but it will serve a diverse range of community members – from children to teens to senior citizens. SunTrust is proud to support this project and continue our relationship with the YMCA,” said David Ross, senior vice president and Not-for-Profit Banking relationship manager at SunTrust.
“The YMCA is grateful for the commitment from SunTrust to the LA Lee YMCA / Mizell Community Center. The Bank’s investment in the LA Lee YMCA will impact over 55,000 lives per year in youth development, healthy living and social responsibility. This project will allow the YMCA to continue the legacy that began 73 years ago in Sistrunk corridor,” stated Sheryl Woods, CEO of the YMCA of South Florida. “Kids will learn, play and swim at the YMCA. Adults from the age of 18 to 102 will improve their health, spirit and community awareness. The YMCA was and will continue to be the Foundation of the Community.”
"With its strong focus on education and job training from its partner tenant Broward College, this is a unique YMCA facility and a great example of the impact the NMTC program can have. FCLF is proud to be a part of this project, and we stand with the community in its support. From infants to seniors, from daycare to job training, the LA Lee YMCA / Mizell Community Center will reach every facet of the community,” said Nelson Black, FCLF chief lending officer.
“Popular Community Capital (PCC) is proud to provide YMCA flexible NMTC financing to fill a part of the financing gap to build the LA Lee YMCA / Mizell Community. PCC is excited to help this South Florida low-income community obtain a state-of-the-art community center that will also provide education and job training opportunities,” said Natalia Guzman, vice president of Community Development Financing at Popular.
SunTrust Community Capital is a national leader in the NMTC program, having closed on approximately $1.4 billion in Qualified Equity Investments. SunTrust Community Development Enterprises, LLC has received nine awards of NMTC allocation, totaling $578 million.
The YMCA has served the South Florida community since 1915. The YMCA of South Florida serves Broward, Miami/Dade and Monroe Counties. On April 1, 2015 the YMCA of Broward County and the YMCA of Greater Miami merged to become the YMCA of South Florida. The YMCA is a $52 million organization which represent the 27th largest YMCA in the USA. Today the YMCA of South Florida employs over 1,600 staff year round (and a greater amount in summer months).
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About Florida Community Loan Fund
Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to people and places outside the economic mainstream across Florida. FCLF is nationally recognized for its work as a certified CDFI and CDE through the U.S. Dept. of Treasury and as a member of the Federal Home Loan Bank of Atlanta.
About Popular Community Capital, LLC.
Popular Community Capital, LLC is a Community Development Entity certified by the Community Development Financial Institutions Fund, focused on providing flexible capital to qualified businesses in low income communities, and has received awards of NMTCs allocation totaling $120 million. PCC is a subsidiary of Banco Popular de Puerto Rico (“BPPR”), a Minority Depository Institution (“MDI”) with a 125-year history of serving communities and businesses in Puerto Rico. BPPR’s holding company, Popular, Inc. (NASDAQ: BPOP), is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Popular has operations in Puerto Rico, U.S. Virgin Islands, New York, New Jersey and Florida. In New York, New Jersey and Florida, Popular operates through its New York-chartered banking subsidiary, Popular Bank. Learn more at www.popular.com.
