The Anthony Bowen YMCA Redevelopment

Project Info

Client Anthony Bowen YMCA

Project Description

  • 2005
  • $10 Million Project Cost
  • New Market Tax Credit Financing

CSG was initially retained by the YMCA to assist it develop and implement a strategic real estate plan. The strategic real estate plan was created to maximize the value of the YMCA’s real estate holdings to provide capital to expand its mission.   CSG advised the YMCA on the disposition of non-performing real property assets, as well as identified and determined the feasibility of potential new facility sites in the greater Washington, DC metropolitan region.

Subsequently, CSG assisted the YMCA in real estate development evaluations and negotiations with local real estate developers for the sale and redevelopment and its existing historic YMCA Anthony Bowen facility. CSG Urban Partners was instrumental in helping the YMCA negotiate a Purchase and Sale Agreement with a for-profit developer to acquire and redevelop the Anthony Bowen site. In addition, CSG Urban Partners facilitated the YMCA obtaining a commitment for $5 million in New Market Tax Credit equity from US Bank Community Development Corporation using a $20 million allocation of tax credits from City First Bank.