Finanta and Shuman Development Group Announce Major Revitalization Project in Reading

Reading, PA (April 5, 2017) – This morning Daniel Betancourt, president and CEO of Finanta, along with Alan Shuman, president and CEO of Shuman Development Group, State Senator Judith Schwank, Berks County Commissioner Christian Leinbach, Randy Peers, president and CEO of the Greater Reading Chamber and Economic Development Corporation, and Jonathan Encarnacion, Finanta board member, formally announced a significant New Markets Tax Credit (NMTC) allocation for a major revitalization project currently underway in the heart of Reading.

Shuman Development Group received an $8.25 million New Markets Tax Credit (NMTC) allocation from Finanta for the extensive renovation of the former, historic Abraham Lincoln Hotel located at 100 North 5th Street. The Lincoln Towers project is an $11 million revitalization project which will transform the old hotel into a vibrant, mixed-use complex. Once completed, Lincoln Towers will contain 98 affordable-rate apartments, 10 retail spaces, and an adjacent 310 spot parking garage. The project is expected to create 60 full-time jobs in addition to 92 construction jobs.

Some tenants slated for this building include Abilities in Motion, the expansion of an existing, adjacent pharmacy, and the already established Abe’s By Chef Alan restaurant. The 10,000 square foot Presidential Ballroom will also remain open as a venue for weddings and other catered events.

The Lincoln Towers project is a renovation that will have a great impact on the city of Reading thanks to the affordable housing the project will provide. It demonstrates the commitment of both Shuman Development Group and Finanta to improving Reading.

“Our goal is to transform communities,” says Dan Betancourt. “Alan Shuman has proved time and again that he is dedicated to the revitalization of Reading and the quality of life for its residents. We are very pleased to be involved in a project that will create much-needed housing and new retail establishments in the city.”

This project is the third by Shuman Development to receive a NMTC allocation from Finanta over the past four years. The Big Mill Apartment project received a $6.75 million allocation in 2014 and the 645 Penn St. Project (former Exide Building) received a $6 Million allocation in 2015. The $8.25 million allocation announced today brings the total NMTC allocations that Finanta has awarded to projects in Reading to $21 million.

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Finanta is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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Finanta and Royal Square Development and Construction Announce Major Revitalization Project in the City of York

York, PA (March 31, 2017) – This morning Daniel Betancourt, president and CEO of Finanta, along with Joshua Hankey, president of Royal Square Development and Construction (RSDC), Congressman Scott Perry, State Representative Carol Hill-Evans, Shilvosky Buffaloe, acting director of the Department of Economic and Community Development for the City of York, and Eric Menzer, Finanta board chair, formally announced a significant New Markets Tax Credit (NMTC) allocation for another revitalization project in downtown York.

Landmark Properties, L.P., an affiliate of Susquehanna Renovations, Inc. and RSDC, received a $7 million New Markets Tax Credit (NMTC) allocation from Finanta for the substantial renovation of two buildings located along Market Street. What will be known as the Landmark Properties Project encompasses a $7.3 million renovation effort of two separate mixed use buildings located at 101 East Market Street and 335-351 West Market Street. 4-7 new retail spaces will be created in the two buildings, as well as 23 apartments. Renovations to the two buildings are scheduled to begin at the start of August, 2017 and to be completed by September, 2018. It is estimated that the project will also generate 42 new full-time jobs and 50 construction jobs.

The new Landmark Properties Project will make an additional impact on the City of York and demonstrates both Finanta’s and RSDC’s continued commitment to the revitalization of the York community.

“Our goal is to transform communities,” says Dan Betancourt. “This is the second time we have worked with Josh Hankey and his team at RSDC on a York project. We share their vision and commitment to making a positive impact on the City of York.”

This is the third project in York to receive a NMTC allocation from Finanta over the past four years. The York Academy Regional Charter School received a $5.5 million allocation in 2014 and the Market Street Revitalization Project, which is nearing completion in downtown York, received an $8.75 million allocation in 2016. The $7 million allocation announced today brings the total NMTC allocations that Finanta has awarded to projects in York up to $21.25 million.

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Finanta is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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Finanta Announces $6.25 million New Markets Tax Credit Allocation for Lancaster Chamber Renovation Project

Lancaster, PA (March 28, 2017) – Finanta is pleased to formally announce a significant New Markets Tax Credit (NMTC) allocation for a revitalization project in downtown Lancaster.

The Lancaster Chamber of Commerce and Industry (LCCI) received a $6.25 million New Markets Tax Credit (NMTC) allocation from Finanta for the substantial renovation of its new headquarters located at 115 E. King Street in downtown Lancaster. The new, larger headquarters allows the Chamber to serve approximately 3,300 people over the next three years by providing training in business development, success and growth. Five tenants sharing the space include the Economic Development Co. of Lancaster County, Lancaster City Alliance, Central Penn Business Group on Health, Leadership Lancaster and Junior Achievement of South Central PA.

The construction project was financed by BB&T Bank. The NMTC allocation from Finanta will have a significant impact on the next stage of financing with Fulton Bank.

The LCCI made substantial renovations the previously vacant property on East King Street. The 3-story building includes a two-deck, 42-space parking garage (street level and basement), and three stories of offices totaling 28,959 SF. In addition to offices for the LCCI and its tenants, the LCCI is dedicating over 8,000 SF to training classrooms for business development.

This project further revitalizes a former blighted block as the East King corridor gains new retail establishments and increased foot traffic. Over the past few years, Finanta has provided approximately $15 million in financing for many businesses along East King Street including the Historic East Side Suites, Excelsior, Hair at DFB Studios, El Jardin Flowers & Gifts, and La Cocina Restaurant.

“Our goal is to revitalize communities,” says Dan Betancourt. “The LCCI made a deliberate decision to stay in city’s central business district and to further advance all the positive activity taking place on Lancaster’s east side.”

This is the third project in Lancaster to receive a NMTC allocation from Finanta over the past three years. SACA’s Tec Centro training center received a $3.35 million allocation in 2014 and SACA’s Conestoga River Plaza project (16,150 square feet of commercial and retail space currently being developed at 902 South Duke Street) received a $4.5 million allocation in 2016. The $6.25 million allocation announced today brings the total NMTC allocations that Finanta has awarded to projects in Lancaster up to $14.1 million.

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Finanta is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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Finanta Announces New Vice President to Lead Loan Administration

Ramon Estevez

Lancaster, PA (March 13, 2017) – Finanta announces the hiring of Ramon Estevez as their new Vice President, Loan Administration. Estevez will oversee loan application, underwriting, closing and collections processes, loan portfolio analysis, and risk management for the organization.

Estevez has accrued almost 20 years of financial banking experience, starting in Santiago, Chile and continuing in the U.S. since 2004. He had previously worked for CHN Industrial, VIST Bank, and Republic First Bank.

Estevez received his Professional Degree from Pontificia Universidad Catolica de Chile and received his MBA from St. Joseph’s University in Philadelphia. Ramon resides with his family in Strasburg.
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Lancaster Nonprofit to Invest up to $5M in Living-wage Jobs

By Lenay Ruhl, Central Penn Business Journal (December 12, 2016)

Finanta Announces New VP for Community Lending for the Capital Region

Kenneth Hammaker

Lancaster, PA (September 1, 2016) – Finanta announces the appointment of Kenneth Hammaker as Vice President, Community Lending for the Capital Region. Hammaker will be working out of community First Funds’ new office located at 922N. 3rd, Street in midtown Harrisburg.

A resident of Mechanicsburg, Hammaker has 20 years of small business and commercial lending experience. Prior to joining Finanta, he held commercial lending positions at PNC Bank, Metro Bank/ FNB, M&T Bank and Susquehanna Bank/BB&T. Hammaker holds a Bachelor of Science degree in Accounting from Elizabethtown College.
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Finanta Promotes Regional Lender to VP for Community Lending for Berks County

Finanta Announces New VP for Community Lending for York and Adams Counties

Finanta VP Completes American Bankers Association Stonier Graduate School

Finanta Helps Bakery and Coffee Shop Open in Midtown Harrisburg