YMCA of Metro Atlanta, SunTrust Community Capital and MBS Urban Initiatives CDE today announced they have closed the financing for the organization’s new headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located in Atlanta’s Westside. The center will house YMCA of Metro Atlanta’s administrative offices and other functions including a training center for 4,000 regional staff.
The deal, a partnership between SunTrust Community Capital, McCormack Baron Salazar and Invest Atlanta, included $22 million in New Markets Tax Credits (NMTC) allocation. The deal also included a $2.5 million Westside Tax Allocation District (TAD) grant from Invest Atlanta.
Three community development entities (CDEs) contributed NMTC allocation to the deal. MBS Urban Initiatives provided $8 million, and both SunTrust Community Development Enterprises and Atlanta Emerging Markets Inc. contributed $7 million. SunTrust Community Capital served as the sole NMTC investor for the development.
The new Leadership & Learning Center will be located at the former site of Frederick D. Jordan Hall. The new facility’s design will complement and pay homage to the area’s rich educational history. As the new regional YMCA training center for the southeastern United States, training will be provided to over 1,500 employees annually, and will benefit approximately 250,000 children in Atlanta and the surrounding areas. Additionally, new Head Start slots will bring high-quality early education to children in the community, along with opportunities to participate in educational enrichment programs outside of school hours.
“This new center represents a transformative expansion for YMCA of Metro Atlanta and embodies our organization’s tireless efforts to find new ways to invest in our city’s children,” said Ed Munster, president and CEO of the YMCA of Metro Atlanta. “In addition to millions of dollars in direct community and educational benefits for Atlanta’s Westside, we believe this new headquarters will be a catalyst for other investment that will strengthen this area and benefit those who call it home.”
The new Leadership & Learning Center will bring 135 YMCA employees to the Westside, including 25 new jobs and various internship opportunities for Atlanta University Center students interested in various industries.
“The new YMCA headquarters is a special transaction for SunTrust Community Capital because we believe it can create very real pathways of opportunity for underserved neighborhoods in the Westside,” said Adam Oates, president of SunTrust Community Capital. “The YMCA of Metro Atlanta has served this city for over 150 years, and this new center positions it for many more decades of success and service.”
“The new Leadership & Learning Center, located in the shadow of the new stadium and within the University Choice Neighborhood, is uniquely positioned to provide foundational resources and services to the existing community,” said Laurel Tinsley, MBS Urban Initiatives CDE’s executive director. “This project will ensure current residents are not forgotten as additional investment is attracted to the area.”
Located at 569 Martin Luther King, Jr. Dr., the new center is expected to open in early 2019.
About YMCA of Metro Atlanta
The Y is a powerful association of men, women and children joined together by a shared commitment to nurture the potential of kids, promote healthy living and foster a sense of social responsibility. Every day, we work side-by-side with our neighbors to make sure everyone, regardless of age, income or background, has the opportunity to learn, grow and connect. To learn more, visit ymcaatlanta.org or call 404-588-YMCA (9622).
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. 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 September 30, 2017, SunTrust had total assets of $208 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
About McCormack Baron Salazar, Inc. and MBS Urban Initiatives CDE, LLC
McCormack Baron Salazar, Inc. is one of the nation’s leading developers, managers, and asset managers of economically integrated urban neighborhoods. Since 1973, the firm has been an innovator of community development and urban revitalization in 43 cities, having built more than 20,000 high-quality homes for families, children, seniors and veterans. MBS Urban Initiatives CDE, LLC, a Community Development Entity (CDE) affiliate of McCormack Baron Salazar, was founded to enhance, strengthen and revitalize low income communities and to stimulate economic opportunities for low-income residents through investments in job creation, healthy food accessibility, education and services within these communities. Since 2006, MBS Urban Initiatives has received seven New Markets Tax Credit awards totaling $350 million. The investment in the Leadership and Learning Center is Urban Initiative’s second investment in Atlanta, GA. Visit McCormack Baron Salazar on the web at www.mccormackbaron.com.