AltCap Closes on $7 Million NMTC Transaction

AltCap recently closed its first New Markets Tax Credit (NMTC) transaction as a certified CDFI. Using a $7 million NMTC allocation, AltCap will be providing facilitated financing to support A. Zahner Company (Zahner), an internationally acclaimed engineering and fabrication company, to grow its existing headquarters at Paseo Boulevard and 9th street.  A family business for four generations spanning over 100 years, Zahner has been manufacturing architectural metal work for designers around the world. By combining new technology with metal, Zahner helps create many of the most iconic contemporary buildings in the world. 

Located in the Paseo West neighborhood, an area that connects East/Northeast Kansas City to Downtown, Zahner’s headquarters expansion will add more workspaces and meeting areas allowing them to create engineering and design jobs. At the same time, the new layout will enable them to implement a more efficient delivery and production process for their manufacturing facility. Zahner is also using this opportunity to implement a design that showcases their innovative technology and design with a signature undulating metal roof.  

“In the past several years we have made an effort to enhance the intellectual quotient and abilities of our operation,” explains Bill Zahner, CEO/President of A. Zahner Company.  “The business opportunities this has brought both domestically and internationally has created a need to expand our operations.  We and our design team are creating an architectural icon that demonstrates the ability to create surfaces of metal that transcend the ordinary.”
 
In addition to the NMTC facilitated gap financing which delivered approximately $2 million, Missouri Bank provided a source loan to help fully finance the expansion project.  The tax credit investor for the project is US Bancorp Community Development Corporation, an affiliate of US Bank. Due to the Zahner’s experience in construction and its unique expansion design, they will serve as their own general contractor. 

“This was a great opportunity for us to support a growing manufacturing business committed to investing in Kansas City,” said Ruben Alonso, President of AltCap. “AltCap is proud to support companies like Zahner that are helping to revitalize our center city.” 

In addition to Zahner’s national and international work, the company has also created many notable Kansas City landmarks including Bartle Hall Sky Stations, Kauffman Center for the Performing Arts metal façade and roof and the copper panels on the Kansas City Star Building.  To learn more about A. Zahner Company visit:
http://www.azahner.com/

For more information about how AltCap uses NMTC to support high impact investments in Kansas City, Missouri, go to: http://www.alt-cap.org/.

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