Visit to the Greenhouse Project
March 10, 2014
Last week several members of our Investments team visited an innovative development known as the Green House Residence at Stadium Place in Baltimore, MD. Built on the former grounds of Memorial Stadium, home of the Orioles, the Greenhouse is part of a nationwide network of elder care facilities that provide safer, more holistic care than is typically found in a traditional nursing home setting.
Calvert Foundation collaborates with Capital Impact Partners to support similar high-impact work. The Loveland Green House Home development in Colorado is just one of a number of the critical community facilities across the country that Calvert Foundation has helped finance in collaboration with Capital Impact Partners through a $25 million streamlined master participation facility.
Our financing enables Capital Impact Partners to work on larger and a higher volume of transactions, further amplifying its impact in the communities it serves. Through Calvert Foundation’s participation financing with Capital Impact Partners, we've financed the creation of more than 2,000 charter school seats, a primary healthcare clinic expansion serving 13,000 additional low-income patients, as well as Greenhouse Homes that serve the frail and elderly with a home-like environment for physical rehabilitation, skilled nursing, and long term care. On average, 90% of students served in these charter schools are eligible for Free or Reduced Lunch, while the average patient income in health centers financed was below 60% of the Area-Median Income.
These projects have generated 120 new full time jobs, 422 construction jobs, and skilled nursing housing for 60 seniors.