Opportunity Finance Network (OFN) used CapNexus to connect with The Reinvestment Fund (TRF) on a healthy foods financing project for a supermarket in a Baltimore food desert. OFN had been interested in participations with its network members, and CapNexus provided information about specific transactions that were in their members’ pipelines. “CapNexus is an efficient way for finding transactions. The CapNexus platform was very helpful as it gave us reliable information on current deals and connected us with people that were serious about finding valued partners,” said Wanda Speight, Executive Vice President, Financial Services, OFN. TRF had posted information about the supermarket, prompting a conversation between OFN and TRF that ultimately led to OFN’s $2 million leveraged loan participation as part of a New Markets Tax Credit deal led by TRF. The resulting ShopRite supermarket opened its doors in 2014 in Baltimore’s Howard Park, significantly improving access to healthy food in a food desert neighborhood.
Success Story
Asset ClassCommercial, New Market Tax Credit
GeographyMaryland
CityBaltimore, MD
Amount$2,000,000
Financing TypeNew Markets Tax Credit Leveraged Loan
Interest Areas
Food
Non-Metropolitan County Status and NMTC Eligibility:
Not Eligible or Not Non-Metropolitan
CDFI Fund New Markets Tax Credit Eligibility
% of Area Median Income:
59.91%
Poverty Rate:
26.60%
Unemployment Rate:
14.30%
SBA HUBZone:
Not a HUBZone
Medically Underserved Area:
Medically Underserved Area
CDFI Fund Investment Areas
High Population Loss:
Low Population Loss (Metro & Non-Metro)
Total Population:
4,890
% of Area Median Income:
61.49%
Unemployment Rate:
14.3%
Poverty Rate:
26.6%
CRA Eligibility
CRA Eligibility:
Moderate Income
% of Area Median Income:
61.48%
Minority Population:
4,750
BEA Distressed Communities
BEA Distressed Community:
Distressed Community (Partial)