HCDC Wins NADCO Diamond Award for Creative Partnership in Financing

HCDC is excited to announce that it received a NADCO Diamond Award for Creative Partnership in Financing at the NADCO Spring Summit on May 21, 2019. The award was one of only three awards presented at the event. HCDC and its borrower, The Woodward Theater (represented by co-owner Dan McCabe), made on-stage remarks and accepted the award together. The Woodward Theater project required a creative financing approach. HCDC and the Cincinnati Development Fund partnered to restructure the Woodward project financing as a debt refinance with expansion SBA 504 loan project.

As with many renovation projects, costs soon exceeded the funds available, and certain finishing items were put off until a later time. One of these was the replacement of the historic marquee from when the building was originally built in 1913. The Cincinnati Preservation Association nominated The Woodward Theater to receive a grant from the National Trust for Historic Preservation, one of only 11 approved in 2017 through the Partner in Preservation Program. The $150,000 grant allowed the Woodward owners to install the marque and sign to bring the building back to its former glory.

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