ATLANTA, Nov. 15, 2011 /PRNewswire via COMTEX/ — SunTrust Banks, Inc. (NYSE: STI) announced that SunTrust Community Development Enterprises LLC, and NCB Capital Impact were recently recognized by Novogradac Community Development Foundation (NCDF) for their role in the financing of Union Mill, a mixed-use redevelopment project in Baltimore, Md. They were named winner of the Real Estate Qualified Low-Income Community Investment of the Year category at NCDF's annual Community Development Awards.
SunTrust Community Development Enterprises was one of the Community Development Entity (CDE) partners and served as tax credit allocatee for the project along with other financing and an equity investment through SunTrust Community Capital and SunTrust Bank. SunTrust partnered with another CDE on the project — NCB Capital Impact, a national nonprofit organization and a certified Community Development Financial Institution.
Erected in 1866, Union Mill was once the largest producer of cotton duck in the world, and represents a significant era in Baltimore's industrial history. After decades of reincarnations and neglect, the building was historically redeveloped by Seawall Development Company under the latest green design and building methods to be considered a Baltimore City Green Building and transformed into 56 units of affordable housing targeted to first-year teachers and 25,000 square feet of non-profit office space.
"We're proud of our involvement in these types of projects that typically require an innovative approach in every aspect from start to finish," said Chris McGillis, President and CEO of SunTrust Community Capital. "Union Mill is another great example of the public and private sector coming together to provide affordable mixed-use space for the communities we serve."
An annual event, the Community Development Awards honor CDEs that have made exceptional community development investments in small businesses, operating businesses, real estate, and metro and non-metro areas, and illuminate excellence in individuals who have had a significant impact on the field of community development at the local, state and federal levels.
"Truly representative of some of the best the industry has to offer, the NCDF Award winners and honorable mentions are testaments to the strength and caliber of all involved in the New Markets Tax Credit program," says Michael J. Novogradac, managing partner of Novogradac & Company LLP. "From such examples the industry can grow in vitality and impact and, consequently, our nation's neediest communities can begin to thrive."
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2011, SunTrust had total assets of $172.6 billion and total deposits of $126.3 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.