PCDC, Capital One Bank to Fund Expansion of Important Clinic in Wichita, Kansas

Categories: Investment, Press Release

HealthCore photoNEW YORK, N.Y., June 13, 2016 – The Primary Care Development Corporation (PCDC) and Capital One Bank announced that they have provided financing to Wichita, Kansas-based HealthCore Clinic to complete a $10.7 million expansion and renovation of its existing facility, offering an expanded range of affordable, integrated health services to people of all ages. The package includes $9.0 million in New Markets Tax Credits (NMTC) allocation provided by PCDC, $1.0 million of NMTC allocation provided by Capital One, $3.4 million of tax credit equity provided by Capital One, and loans totaling $5.6 million provided by PCDC and participating lender Local Initiatives Support Corporation (LISC). Capital Peak Partners was the NMTC financing consultant for HealthCore.

The new 40,000 square foot facility will bring critical services to the community of Wichita. In addition to its 33 exam rooms, seven-chair dental clinic, and 340B pharmacy, it will also provide important social services, such as a medical-legal partnership area, demonstration kitchen, physical fitness room, education center, and a research area for students of the University of Kansas Medical School and Wichita State University. The new facility will provide specialty services including a women’s health center, pediatric clinic, refugee clinic, and a chronic care clinic. Each specialty clinic will have an integrated mental health office and space for a care coordinator and nurse, including meeting space for team huddles.

“Our community is blessed to have PCDC, LISC and Capital One Bank working with us on this heartfelt project,” said Teresa Lovelady, President & CEO, HealthCore Clinic. “HealthCore’s mission is to promote a healthy community with an emphasis on education and prevention. With our new expanded facility, we will improve the overall health outcomes of the community by offering access to quality integrated healthcare services regardless of a patient’s insurance status or ability to pay for services.”

“HealthCore Clinic serves a very important role within its community, as a provider of comprehensive preventative, physical and mental health services and education,” said Anne Dyjak, PCDC Managing Director. “PCDC is proud to be able to provide much-needed financing for this project, which will allow HealthCore to deliver high quality, affordable integrated services to more individuals and families in the community.”

HealthCore is a federally qualified health center that provides critical family medical services in a predominantly underserved community of Wichita. The clinic’s typical patients are individuals living below 100 percent of the federal poverty level, nearly 40 percent of whom are uninsured. To help better serve its community, HealthCore offers multiple prevention programs that address the community’s challenges, such as Strengthening Families, which serves at risk youth and families; and Baby Talk, which aims to reduce Wichita’s high infant mortality rate. HealthCore’s Refugee Support Project provides care to the more than 1,000 refugees many from the Democratic Republic of Congo living in the area.

“The increased availability of affordable medical and dental care as well as numerous social services offerings are tremendous additions for this community,” said Douglas Fields, Senior Vice President at Capital One. “We are delighted to provide financing that benefits the community in such a concrete and meaningful way.”

“If we want to improve the quality of life in low-income communities, health has to be part of the equation,” said Stephen Samuels, executive director with Greater Kansas City LISC. “Quality care, like that offered by HealthCore, is critical—as are safe streets, decent housing, good jobs and better access to fresh food and recreational opportunities. We need to invest in all those aspects of ‘community’ in order to help people live longer and healthier.”

The new facility will be completed in July 2017 and will accommodate more than 30,000 additional patient visits over the next seven years, more than tripling the health center’s capacity.

About Capital One Bank
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $221.8 billion in deposits and $330.3 billion in total assets as of March 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

About PCDC
Founded in 1993, the Primary Care Development Corporation (PCDC) is a nationally recognized nonprofit organization dedicated to expanding access to quality primary care, in order to improve the health of families and communities, lessen disparities and reduce health care costs. PCDC offers training and technical assistance on providing health care services that are accessible, high-quality, and compassionate; affordable capital to renovate and expand community health centers so that services are offered in settings that promote efficiency, dignity, and respect; and advocacy to advance public policies that strengthen and sustain quality primary care. To date, PCDC has helped over 1,000 primary care practices improve delivery of care and leveraged over $750 million on projects that enhance capacity in low-income communities.