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Variety Care

Variety CareNew Markets Redevelopment, LLC (NMR), an Oklahoma City based CDE, closed on $11.9 million of Qualified Low-Income Community Investments in June, 2011, to affiliates of Variety Care, a federally qualified Community Health Center, to enable the construction of a new administrative center, and the expansion and renovation of an existing clinic facility in Medically Underserved Areas in Oklahoma City. Variety Care provides a wide range of affordable primary and preventive health care services, including medical, dental, vision, pediatric, WIC (women, infant, children), and behavioral health care, to all patients, regardless of age, medical history, immigration status, or insurance coverage.

Through a planning effort in 2009, Variety Care had mapped out an ambitious expansion of its capacity and service area, with a strategic goal of serving one-third of Oklahoma County's uninsured population by 2015. Plans included the consolidation of its administrative functions and the expansion and renovation of two existing clinic facilities. Despite its receipt of a grant pledge from the Health Resources and Services Administration (HRSA) and a strong start of a capital campaign, Variety Care was unable to put together the funds needed to carry out its three principal projects. However, the commitment of NMTC financing by NMR in late 2010 provided the assurances necessary to start all three projects consistent with the requirements of the HRSA grant, the other donors, and a bank lender.

Variety Care$6.3 million of loans from NMR funded the construction of the Variety Care Administrative Center and another $5.6 million of loans funded the expansion and renovation of the 35,000 square foot Variety Care Lafayette Pediatric Clinic. By re-arranging its other funding sources, Variety Care will be able to complete its third project, the expansion and renovation of its Straka Terrace Primary Care Center as well. NMR’s investments created 90 construction jobs (FTEs) at the two projects it funded, and 70 permanent jobs (FTEs) providing medical services to an underserved population in the surrounding area. At the Lafayette Clinic, the expansion enabled the clinic to accommodate an additional 5,200 patients in this neighborhood which has a poverty level of 32%. The renovation included a community room which is used for healthy living classes and parenting.

NMR focuses its investment activities in the near downtown areas of Oklahoma City and Tulsa, with an emphasis on adaptive reuse of existing, and in some cases historic buildings, where its investments can help to catalyze further investments in the fabric of the surrounding distressed neighborhoods. Its primary product is a low interest rate loan with flexible terms and underwriting, that will enable a project that cannot otherwise be financed, to bridge a gap in funding.

New Markets Redevelopment, LLC
5801 N. Broadway Extension, Suite 120
Oklahoma City, Oklahoma 73118
405.842.0100, Fax 405.848.8248