Zakrzewska

Zakrzewska Medical Building
Dimock Community Health Center
40 Dimock Street, Roxbury
1872

(1984-1988)

	Raised $562,000 in grants towards this $2,000,000 rehabilitation project
	Structured arrangements which led to the Boston Globe making a $300,000 equity contribution as a Limited Partner
	Obtained permanent financing from the Massachusetts Thrift Fund, lent $200,000 as a 2nd mortgagee

Managed business affairs of Partnership on behalf of Dimock until planned buyout in 1999

(click images below for larger views)

To emerge from voluntary receivership, the Dimock Community Health Center persuaded its creditors that the value of the seven deteriorated historic buildings on its campus represented the maximum amount of money the creditors could receive. The alternative was to put the agency out of business. As a result the creditors wrote off about $300,000 in debt, but Historic Boston saw only opportunity (and challenges) in the historic buildings. The case for raising money was strong: vital community services take place in this neglected African-American neighborhood, the buildings are important landmarks because of their association with the first training of women nurses, and contributions to this project will leverage new opportunities for the neighborhood.

Historic Boston wrote grant proposals that netted more than $500,000 to repair the roof. Without leaks, more rentable space became available. With a potential income stream, Dimock leased the building to a limited partnership, so that The Boston Globe could take advantage of the historic rehabilitation tax credit based upon the total invested in the building. To repair the building, Historic Boston used the charitable grants, The Globe’s equity contribution, an institutional loan, and provided a second mortgage to bridge the gap--in all a $2,000,000 project for one building on a campus appraised at $500,000.