April 13, 2017 Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, closed on financing for the UH Rainbow Center for Women & Children in Midtown. The newly constructed facility of UH Rainbow Babies & Children’s Hospital and UH MacDonald Women’s Hospital will serve a federally designated medical/dental underserved area. This approximately 40,000 square foot urban health center will house 46 exam rooms plus group care/community rooms and will co-locate social services.
The center will be built where patients live, becoming a highly accessible medical home for the existing patient base for Rainbow and MacDonald. Patient visits are projected to increase by 5% a year.
CDA provided a $10 million Federal and $2.5 million Ohio New Markets Tax Credit Allocation. Additional allocation was provided by Northeast Ohio Development Fund (NEODF) and PNC who also served as the investor.