When considering ways to help get important medical services to those who need them most, real estate projects may not be first logical solution to come to mind. But in communities where healthcare facilities are lacking, creating or renovating physical spaces to provide services can help bridge the gap, and it’s an area where PNC Multifamily Capital is stepping in to help.

“PNC Multifamily Capital is focused on meeting the needs of the communities where we live and operate, and in terms of real estate, there’s more to it than just helping to provide housing,” said John Nunnery, manager of tax credit originations for PNC Multifamily Capital. “Helping to improve access to healthcare is one of the most important things we can do to support communities throughout the state, and PNC is thrilled to be able to work with local organizations to make this happen.”

Maternal Health Scranton

In 2023, the newly renovated Maternal and Family Health Services Circle of Care clinic opened its doors to residents of Scranton, Pennsylvania. The 14,000-square-foot clinical facility combined two existing offices into one more efficient location, with the goal of increasing patient visits. The Circle of Care clinic is the only provider of one-stop maternity care in Lackawanna County, offering services such as pre- and post-natal care, postpartum depression resources, reproductive healthcare, and fetal imaging, all in one location. The clinic is the only obstetrics provider in Scranton to provide a Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); Nurse-Family Partnerships (NFP); and social worker services onsite. The new facility will offer the addition of basic oral health services for pregnant and parenting women, and children five and under, filling a critical gap. PNC Multifamily Capital invested $2,402,400 in equity through a PNC Multifamily Capital fund for the project, including PNC Community Partner’s Inc.’s $1 million in New Markets Tax Credit (NMTC) allocation, to renovate the new facility.

Silvercare Healthcare

In Chester, Pennsylvania, a shuttered hospital facility provided Silvercare Healthcare with an opportunity to expand its services. In 2022, Silvercare began work on renovating a community hospital that formerly served the area but closed in the 1990s. PNC Multifamily Capital invested $2,597,400 in equity through a PNC Multifamily Capital fund for the project. PNC Community Partners, Inc. provided $1 million in NMTC allocation to support the renovation of the 300,000-square-foot property into a comprehensive medical and senior care facility and 80-bed sub-acute rehabilitation center, which will serve approximately 7,000 individuals annually in the medically underserved area. 

Public Health Campus on Cedar

Philadelphia is also the site of efforts to improve healthcare access, through the Public Health Campus on Cedar development. The Public Health Management Company (PHMC) renovated the former Mercy Hospital in West Philadelphia into an integrated public health campus anchored by a coalition of the region’s premier healthcare institutions. The facility houses several PHMC programs, including a community health hub that offers job training, medical screening, financial literacy, and other community-based services; a full-service federally qualified health center and dental clinic for low-income and uninsured individuals; and Westhaven, a long-term therapeutic residence for adults with serious mental illness.

The facility also supported local job creation – a key component of the NMTC program – by adding 675 full-time positions and 320 part-time positions. PNC Multifamily Capital invested $14,564,550 in equity through a PNC Multifamily Capital fund for the project. PNC Community Partners, Inc. provided $6.5 million in NMTC allocation to the development.

“NMTC developments like these offer critically important services, but they can also be complicated to bring to fruition,” Nunnery said. “PNC Multifamily Capital is here to help make it easier for local entities to achieve their goal of making life better for residents in their communities.”

Learn More about PNC Multifamily Capital Investments in Local Communities

Ready to Help

PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, senior housing and conventional products. Each year, PNC Multifamily Capital finances or invest in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more, or contact your relationship manager.