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Providence Community Healthcare Center

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Appointed Master Developer For Community Health Centers


New York, NY — August 27, 2010 — Chi (Central Healthcare Initiatives), an innovator in real estate, financial and operational strategies for healthcare entities, has been selected as Master Developer by Providence Community Healthcare Centers Inc. (PCHC) to enact a $42 million plan to rebuild an underserved section of South Providence, improve access to quality healthcare for residents, and spur economic activity in the neighborhood.

Chi's expertise with recent economic stimulus and health care laws has made funding for the long sought project viable, despite the soft economy and moribund credit markets. Community health centers, which provide primary and preventative healthcare regardless of patients' ability to pay and can relieve pressure on hospital emergency rooms, are a specific target of the recent legislation and government grants. Non-profit PCHC operates five such facilities in the city.


As Master Developer chi will provide comprehensive, centralized services, including real estate development, design and construction, economic development incentives, a mix of for-profit and tax exempt financing, and other management techniques it has developed specifically for healthcare related properties. The project team includes regional development consultant Darrell A. Lee who led PCHC through early planning stages.


Chi and PCHC will create a new health services and retail complex at the former Federated Lithographers site at 369 Prairie Ave. The four acres will be the home of a 40,000 square community health center, a 50,000 square foot medical office building, a 5,000 square foot retail pharmacy, and parking.


Lifespan Hospital Network, which operates Rhode Island Hospital and Hasbro Children's Hospital among others, has committed to occupy at least fifty percent of the office building with complementary medical services.

According to chi Chairman Joseph R. Traina. "In a formula that we apply nationwide, chi utilizes our established, specialized real estate development tools, as well as works with federal, state and local agencies to bolster projects' viability via economic development enhancers – in the form of tax credits, grants and low-interest financings." Traina added: "Not only does this reduce costs to ensure community services into the future, but the project also becomes an economic development engine, creating jobs and attracting new businesses and generally revitalizing the surrounding neighborhood."


President of chi, Nestorio (Nate) Tanpiengco, who structured the funding, explained, "Bank Qualified Bond (BQB) financing was viable to fund the entire project cost due to its shovel ready status. This will have a distinct benefit to PCHC due to the non-punative terms which allow PCHC to reduce the debt without penalty as stimulus money and other public sector grants are funded."


According to Merrill Thomas, CEO of PCHC, "Chi's unique abilities are giving life to our vision of delivering barrier-free, new and expanded healthcare services in this underserved community. This important project is getting off the drawing board, unlike so many others in these times."


Chi and PCHC have pledged to maximize the local labor force employed in the development of this project (including minority and women owned businesses, and work-force training programs), which will also be the first LEED-certified 'Green' community health center in the nation.



About chi


Central Healthcare Initiatives (chi) specializes in value-added real estate development through innovative structures and techniques developed specifically for healthcare related properties. Chi leverages proven operational, financial and real estate strategies to help healthcare institutions enhance the overall effectiveness of their systems, compete successfully in a changing marketplace, and meet their continuing mission to their communities, employees, patients and physicians. Chi principals are recognized experts in specialized healthcare design & construction services, healthcare facility and operations analysis, real estate development and management, economic development incentives, tax exempt financing, zoning & land use, and government relations.


About Providence Community Health Centers

Established in 1968, Providence Community Health Centers (PCHC) is the largest primary health-care provider in Providence, treating more than 35,000 patients at five facilities around the city, regardless of their ability to pay. PCHC is dedicated to preventing most common medical problems as seen by pediatricians, internists, family practitioners, certified nurse midwives, and Ob/Gyn physicians, including the control of common chronic diseases, treatment of acute illnesses, elder care and referrals to specialists. PCHC also operates a schoolbased program, a dental clinic, the state's only sexually transmitted disease clinic, and the largest WIC (Women, Infant and Children) nutrition program in Rhode Island, with 6,500 participants. Media Contact: Loretta Tharp, 401-444-0400


About The Traina Companies


The Traina Companies is a privately held group of companies in real estate development, construction and hospitality, including chi (Central Healthcare Initiatives), and Central Consulting & Contracting specializing in medical/hospital design and construction, among others. The firm is directed by Joseph R. Traina, a real estate investor and developer with 30 years experience, and the former President of Lazard Development Corporation, a wholly owned subsidiary of the investment bank, Lazard Freres & Co. The Traina Companies has managed a property portfolio valued in excess of $2 billion, and has acquired, renovated, leased and/or sold over 10 million square feet of commercial property.

About Central Consulting & Contracting

Central Consulting and Contracting provides specialized General Contracting, Construction Management, Design-Build and Project Management Services to leading Healthcare institutions and Medical clients. Central staff are ASHE certified (American Society for Healthcare Engineering of the American Hospital Association) and are nationally recognized as among the most qualified healthcare and hospital contractors. Clients include, among others, New York University Hospital, Lenox Hill Hospital (NY), Cornell University/Weill Medical Center (NY), and implementation of a $250,000,000 Master Facility Plan for St. Peters Hospital (Albany).


TEL 212.628.8700 FAX 212.252.2011