Stonehenge Capital Company Announces Investment in New Orleans-based DePaul Community Health Centers

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Sep 17, 2024, 09:03 ET

Investment capital will support access to healthcare and quality job creation in across low-income communities

COLUMBUS, Ohio, Sept. 17, 2024 /PRNewswire/ -- Stonehenge Capital Company ("Stonehenge") today announced a $5 million Louisiana New Markets Tax Credit ("NMTC") investment in Ascension DePaul Services of New Orleans to support two of its federally-qualified DePaul Community Health Centers ("DePaul") in the Greater New Orleans area, operated by Marillac Community Health Centers. Investment proceeds will finance the growth of DePaul's Central City site, known as the Oretha Castle Haley center, and the acquisition and construction of a previously leased site in Kenner.

Ascension DePaul Services of New Orleans provides high-quality primary and preventive care services and leads innovation in community healthcare. Stonehenge's investment seeks to further DePaul's shared mission of improving access to healthcare in underserved areas of the state. The financing, made possible through the Louisiana NMTC program, will allow DePaul to serve an anticipated 15,000 appointments annually at the two centers alone.

U.S. Bancorp Impact Finance acted as the federal NMTC investor in the project, and Crescent Growth Capital served as a NMTC consultant to DePaul. McCormack Baron Salazar's MBS Urban Initiatives CDE also provided a federal NMTC investment in the project.

"Our organization prides itself on being easily accessible to the community. Many of our patients are challenged by social determinants of health, which include issues that supersede their access to healthcare like a lack of transportation, employment, housing, and food insecurities," said Dr. Michael Griffin, President and CEO of DePaul Community Health Centers. "[This project] gives us yet another opportunity to conveniently treat and reach out to patients on a consistent basis to provide them with high-quality, compassionate care, regardless of their ability to pay."

"Stonehenge continues to support DePaul's mission of improving access to healthcare in New Orleans," said Keith Jones, Director at Stonehenge. "These two locations provide vital primary and behavioral health services to their communities as well as support job creation and retention which are both central to our strategy in the Louisiana NMTC program."

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About Stonehenge Capital Company:
Founded in 1999, Stonehenge Capital Company ("Stonehenge") is a nationally recognized impact investor focused on providing transformational capital to lower middle market operating companies. Stonehenge operates one of the largest and most successful federal and state New Markets Tax Credit practices in the industry, managing over $1.4 billion in investments across U.S. distressed communities. The firm also provides traditional debt and equity financing through state-targeted small business investment funds, with over $400 million in Assets Under Management. In 2020, Stonehenge raised a $224 million fund under the U.S. Small Business Administration's Small Business Investment Company ("SBIC") Program. The SBIC, the Stonehenge Community Impact Fund, L.P., provides senior term financing to businesses operating in areas targeted for economic revitalization nationally.

About Ascension DePaul Services of New Orleans & DePaul Community Health Centers:
Ascension DePaul Services of New Orleans (ADSNO) continues the work of our founders, the Daughters of Charity, who have provided compassionate health care in New Orleans for 190 years. After the sale of Hotel Dieu Hospital in 1992, the Daughters transitioned their efforts, establishing a community health ministry offering primary and preventive health services that address the needs of the total individual – mind, body and spirit. Their 11 health centers, operated by Marillac Community Health Centers, dba DePaul Community Health Centers (DCHC), are conveniently located in Algiers, Bywater, Carrollton, Central City, Gentilly, Harvey, Kenner, Louisa, Metairie (2 locations), and New Orleans East.

DCHC provides care for chronic illnesses such as asthma, cardiovascular disease, diabetes and depression. Women's health, behavioral/mental health, dental, optometry, pharmacy, podiatry and Women, Infants and Children (WIC) services are also available at select health centers. A member of Ascension, one of the nation's largest Catholic and non-profit health care systems, ADSNO's mission, inspired by the Daughters of Charity, is to improve the health and well-being of our community and to be a presence of the Love of Jesus in the lives of all they serve and with whom they partner.

SOURCE Stonehenge Capital Company