U.S. Bank Closes on More Than $2.6 Million in Financing for Next Phase of Development at Brunswick Landing
May 08 2014 - 10:37AM
Business Wire
U.S. Bank will provide more than $2.6 million in New Markets Tax
Credit equity for the next phase of construction at Brunswick
Landing, an expansive redevelopment of the former Naval Air Station
Brunswick campus. U.S. Bank’s financing will fund the renovation of
a 9,000-square-foot facility on the Brunswick campus into space for
Providence Services Corporation (PSC), the largest provider of
child behavioral health and autism services in the area. The
renovation will also support the expansion of the Midcoast Veterans
Resource Center (MVRC), a non-profit organization that seeks to
enhance the ability of veterans to support and care for themselves
and their families.
Naval Air Station Brunswick was originally constructed in 1943
and was operated as a military base until 2011, since which time
Midcoast Regional Redevelopment Authority (MRRA) has overseen its
redevelopment into a progressive 3,200-acre, mixed-use campus.
Equipped with state-of-the-art facilities, it includes nearly two
million square feet of commercial and industrial space and
Brunswick Executive Airport.
“We’re pleased to play a role in funding the next phase of
Brunswick Landing,” said Laura Vowell, vice president for U.S.
Bancorp Community Development Corp. the U.S. Bank subsidiary that
provided the financing. “This redevelopment project combines
essential social services with innovative commercial and industrial
space, giving Brunswick an economic boost for years to come.”
The 9,000-square-foot PSC facility, a former bowling alley, will
be renovated into professional offices, conference and classroom
space, and an indoor playground, all to be operated by PSC. The
project will bring PSC’s total employment at Brunswick Landing to
150 people, including 60 employees who will be relocated there as a
result of the expansion. PSC serves more than 1,500 individuals
annually across 15 counties in Maine.
A conference room also will be built for the MVRC, providing
additional space where veterans can obtain benefits, services and
resources in support of their reintegration into the community.
Since opening in September 2013, MVRC has served 240 veterans with
a staff of 16 volunteers.
U.S. Bank’s investment was made possible by the Maine New
Markets Capital Investment Program, which is administered by the
Finance Authority of Maine, in cooperation with Maine Revenue
Services and the Maine Department of Economic and Community
Development. Priority Real Estate Group, a real estate investor and
developer based in Topsham, Maine, is the developer and owner of
the 35,000 square foot project.
About U.S. Bancorp Community Development CorporationWith
more than $13.6 billion in managed assets as of March 31, 2014,
U.S. Bancorp Community Development Corporation, a subsidiary of
U.S. Bank, provides innovative financing solutions for community
development projects across the country using state and federally
sponsored tax credit programs. USBCDC's commitments provide capital
investment to areas that need it the most and have contributed to
the creation of new jobs, the rehabilitation of historic buildings,
the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of
commercial economic activity in underserved communities. Visit
USBCDC on the web at www.usbank.com/cdc.
About U.S. BankU.S. Bancorp (NYSE: USB), with $371
billion in assets as of March 31, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The Company operates 3,083 banking offices in 25
states and 4,878 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
Nicole Garrison-Sprenger, U.S. Bank Public Relations(612)
303-0731, nicole.sprenger@usbank.com
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