Lathrop GPM Represented Hospital in $20 Million Loan Acquisition
ST. LOUIS (June 22, 2023) – Lathrop GPM represented Lauderdale Community Hospital in its efforts to obtain a $21,390,000 loan to fund the construction and equipping of a Critical Access Hospital in Ripley, Tennessee.
The deal involved the unusual pairing of a USDA-guaranteed loan and multiple New Markets Tax Credit (NMTC) investments. The new 35,700 square foot, 15-bed hospital will replace the current, outdated facility and provide essential access to high quality healthcare in a rural area of Tennessee. The total project costs are projected to exceed $22,700,000.
Lathrop GPM partner Chris Pierce advised Lauderdale Community Hospital on this tax credit deal.
Learn more about the deal in a 2022 release from the U.S. Department of Agriculture (USDA) Rural Development – Tennessee, here.
Lauderdale Community Hospital recently received the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards for the Non-Metro QLICI of the Year. This national award recognizes participants who strive for excellence in community development, affordable housing and historic preservation.