SunTrust Community Capital finances Kent Corner office and retail development in Durham, North Carolina, generating new markets tax credits
Clients SunTrust Community Capital, LLC
Jones Day represented SunTrust Community Capital, LLC (STCC) in connection with its financing of the Kent Corner office and retail development in Durham, North Carolina. The project's tenants include Center for Child & Family Health and the Durham Co-op Market.
The transaction was structured to generate new markets tax credits and involved an investment by STCC in its wholly-owned community development entity (CDE) and a loan in the amount of $13 million by the CDE to an affiliate of Self-Help Ventures Fund, a nonprofit 501(c)(3) loan fund and real estate developer.