Urban Health Plan, Bronx, NY
In April 2014, Goldman Sachs closed a $6 million loan to Urban Health Plan (UHP), a network of federally qualified health centers that provides high-quality healthcare services to medically underserved communities in New York City, regardless of patients’ ability to pay.
The capital helped to finance improvements to UHP’s facilities in the Soundview neighborhood of the Bronx—an area hard-hit by the closing of a community health center in 2012. The loan also supported the renovation of UHP’s headquarters to respond to growing demand, now open, and several ancillary sites that are critical to UHP’s expansion.
Previously, Goldman Sachs had committed $42 million of capital in a New Markets Tax Credits transaction with UHP to finance the construction of a new 54,000 square foot facility, and to finance existing debt.
The capital raised in these two transactions helps deliver medical services to 50,000 visitors at the Soundview facility, and 20,000 new patients at UHP headquarters. The organization’s headquarters is located in a neighborhood that was designated as both a Medically Underserved Area and a Medically Underserved Population by the US Government’s Heath Resources and Services Administration.