UB Community Development LLC Announces Funding for Northwest Florida Healthcare in Chipley, Florida

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May 18, 2023, 08:00 ET

ATMORE, Ala., May 18, 2023 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has closed a $9 million New Markets Tax Credit transaction with Northwest Florida Healthcare, Inc. for the construction of a new surgical center on their existing campus in Chipley, Florida. The project will add an additional 14,000-square-foot facility and offer inpatient and outpatient surgical services.

"By, Through and With is a common phrase we use in the military to describe how we carry out our mission in concert with our allies," stated Alex Jones, President of UBCD. "Assisting Northwest Florida Healthcare in the funding of their new surgery center is a case study of working with partners to achieve a desired outcome. With Community Health and Hospitality Services providing the $9 million NMTC allocation, Dudley Ventures serving as the investor, United Bank providing a $6.5 million source loan and UBCD assisting the hospital in navigating the closing process, the goal was reached: funding a new surgery center in this rural community."

Northwest Florida Community Hospital is a 59-bed facility that houses a 25-bed critical access hospital, a 34-bed long term care facility and health care clinics. They also have an Express Care Clinic, Family Health Care Clinic in Chipley and clinics in Graceville, Bonifay, Marianna and Vernon, Florida. The current surgical facilities are at capacity, limiting the number of patients served. With the new surgical center, patients will have better access to surgical care in Washington County and surrounding counties. The new facility will employee approximately 29 employees.

For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email [email protected].

About UB Community Development
UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

SOURCE United Bancorporation