Developments > Goodwill Headquarters
With $13.3 million in New Markets Tax Credit financing, Morgan Memorial Goodwill Industries (MMG) refinanced and renovated its 102,000 square foot headquarters in Roxbury. TD Bank is the sole investor. Built in 1986, the Goodwill building houses administrative offices, a job training center, a career center, two retail stores, and a retail distribution center serving eleven Goodwill stores. Significant repair and rehabilitation of much of the facility was needed to enhance Goodwill’s operating capacity, to expand retail operations, programs and services, and to retain jobs. MMG serves 9,000 mostly low-income individuals a year and has 320 employees. The New Markets gap financing paid for about 70% of the building renovations, which allowed MMG to update its facility without incurring significant hard debt. Eastern Bank provided the funds to refinance the existing mortgage.
Goodwill Headquarters
Project at a Glance:
Location:
Boston
Development Type:
Commercial
Project Type:
Refinancing and rehabilitation
MHIC Financing:
$13,337,500 in NMTC financing
Sponsor:
Morgan Memorial Goodwill Industries, Inc.
With $13.3 million in New Markets Tax Credit financing, Morgan Memorial Goodwill Industries (MMG) refinanced and renovated its 102,000 square foot headquarters in Roxbury. TD Bank is the sole investor. Built in 1986, the Goodwill building houses administrative offices, a job training center, a career center, two retail stores, and a retail distribution center serving eleven Goodwill stores. Significant repair and rehabilitation of much of the facility was needed to enhance Goodwill’s operating capacity, to expand retail operations, programs and services, and to retain jobs. MMG serves 9,000 mostly low-income individuals a year and has 320 employees. The New Markets gap financing paid for about 70% of the building renovations, which allowed MMG to update its facility without incurring significant hard debt. Eastern Bank provided the funds to refinance the existing mortgage.