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CDA closes on financing for UH Rainbow Center in Midtown

Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, has closed on financing for the UH Rainbow Center for Women & Children in Midtown.

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 Bank who also served as the investor.

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 five percent a year.