Arlington, VA (January 7, 2021) National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, recently closed a $4.2 million loan to support a $10.64 million New Markets Tax Credit (NMTC) financing package secured by The Alliance for Economic Development of Oklahoma City for the development of a 30,000 square foot Homeland Grocery store located at the northwest corner of NE 36th Street and Lindsay Avenue, just east of Lincoln Boulevard in Oklahoma City, Oklahoma. The subject is a build-to suit for Homeland on a 1.76-acre site that is part of a larger development known as Crossings at 36th.
The Alliance for Economic Development of Oklahoma City coordinates all of Oklahoma City's economic development and redevelopment programs under various entities of Oklahoma City.
The full -service grocery store will be an anchor in the community which has been void of a grocery store for over 30 years. Homeland will offer a full -service store including a bakery, deli, prepared meal section and a pharmacy with a drive thru. Once complete, the store will bring an estimated 75 new full-time jobs.
“For over 40 years, NCB has been providing critical financing to help communities thrive.” stated Brian Misenheimer, Senior Vice President of National Cooperative Bank. “As a lender who specializes in the grocery industry, we are very proud to work on this transaction to bring healthy food to a neighborhood who has lacked a local store for over 30 years.”