Making an Impact Through
New Market Tax Credit Program
First Eagle Bank (FEB) is delighted to be part of an impactful project in Chicago’s Garfield Park neighborhood. This project is FEB’s first New Market Tax Credit (NMTC) transaction. Along with National Community Investment Fund, First Eagle Bank provided $3,575,000 of long-term capital towards the project. The project included the acquisition and substantial rehab of two industrial buildings, totaling over 91,000 s.f., creating lasting economic impact in a severely distressed area.
The project’s developer, Baum Revision LLC, has a long track record of catalytic development. The Baum Revision team plans to completely renovate the buildings, which will provide a new level of investment in the neighborhood and attract tenants who will, in turn, provide quality employment and training to those living in this disadvantaged area.
The NMTC Program incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities. NMTC financing was a critical component for the Borrower to move forward with this noteworthy project.