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Opportunity Finance Network and The Reinvestment Fund - $2MM Leveraged Loan

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

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.

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

Data provided by

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: 
4,837

BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)