Client:	IARF
Location:	Springfield, IL
Project:	Pooled Loan Program
Description:	In early 1989 the Illinois Association of Rehabilitation Facilities ("IARF") interviewed investment banking firms to select a firm to raise money for their members in the municipal bond market. After interviewing a number of firms, IARF selected Municipal Capital Markets Group ("MCM") to assist them. Within six months MCM had raised over $40 million for the IARF members, and began what has become one of the most successful programs of its type in the country. In 1997 MCM was able to obtain an investment grade bond rating for the IARF members. Since its inception the IARF pooled loan program has raised over $230 million for IARF members.
Client:	IARF
Location:	Various Cities, IL
Project:
Description:	In early 1997 MCM began working with Standard & Poor's to obtain an investment grade bond rating on sub investment grade rated social service providers in Illinois. By pooling the needs of more than 20 providers into one bond issue, then adding additional cash collateral (amount determined by S&P), MCM was able to raise the bond rating to the BBB investment grade level, thereby saving their clients millions of dollars in interest expense over the life of their loans. This Illinois program continues to be operational today, and over $130 million of bonds have been sold in the investment grade program to date.
Client:	InterAgency Council
Location:	New York City, NY
Project:	Pooled Loan Program
Description:	In 1998 the InterAgency Council of Mental Retardation & Developmental Disabilities Agencies (“IAC”), a city-wide organization supported by service providers in New York City, came to MCM to talk about offering pooled loan financing in New York City for their members. MCM worked closely with the staff of IAC and put together the first financing pool for providers in the City. Since the first program, MCM has successfully completed nine more pooled financings for the IAC’s members. In 2005, the Program was expanded to include upstate agency members of NYSACRA.
Client:	MHMR Service Providers
Location:	Throughout the country, US
Project:	Municipal Bond Ratings
Description:	The community based service providers serving mentally ill, and developmentally disabled individuals represent a rapidly growing industry that began in most states in the mid 1960’s. Most service providers started as very small organizations, and many have grown to become multi-million dollar operations. In 1993 MCM approached Standard & Poor’s about developing bond rating criteria for its service provider clients. S&P accepted the challenge, and worked in harmony with MCM to develop rating criteria for the entire social service industry. In August of 1993 the new criteria was announced by S&P, and MCM received the first two investment grade ratings under the new criteria for its clients. The Texas Council of Community MHMR Centers’ Facilities Acquisition Program received a BBB+ rating, and the Northwestern Corporation, a Philadelphia based service provider received a BBB rating. Obtaining these investment grade bond ratings allowed the bonds for these service providers (and others since) to sell in the bond market for substantially lower interest rates, thereby cutting the borrowing costs for MCM’s clients.
Client:	NYSARC, Inc.
Location:	Various Cities, NY
Project:	Facility Financing Program
Description:	NYSARC, Inc. is the largest non-profit service provider in the country serving MRDD consumers. In 1999 NYSARC came to MCM to seek financing for 27 of its 53 member chapters in New York. MCM was able to assist NYSARC to obtain an investment grade bond rating, then to obtain municipal bond insurance, thereby getting a AAA rating on the bonds. MCM successfully completed its first financing for NYSARC in 2000, and completed the sixth round of financing for this well-run organization in 2005.
Client:	Texas Council of Community MHMR Centers
Location:	Austin, TX
Project:	First Pooled Loan Financing
Description:	In 1987 the Texas Council of Community MHMR Centers were attempting to put together a financing package for their members. The members are community based organizations which provide services to mentally ill and/or mentally retarded citizens in the State of Texas. The Council hired Fred Cornwall to attempt to put together the first program of its type in the country, pooling the needs of the MHMR service providers into one large bond issue. Mr. Cornwall worked closely with the Council and assembled a $37 million financing for twelve of the 32 community based Centers in the State. Each year, since 1988 the Council in cooperation with MCM has offered this Program to its membership. To date this program has raised over $195 million for the Texas Centers.
Client:	The Northwestern Corporation
Location:	Philadelphia, PA
Project:	Project Financing
Description:	In 1991 the Northwestern Corporation called on MCM to assist in obtaining tax-exempt bond financing for the first time. Northwestern had been working with a Wall Street firm for more than two years, and had not been able to complete their financing. MCM took over the project, and raised $23 million within six months of being hired. MCM then went on to raise additional capital for Northwestern in 1992 and again in 1994, after getting one of the first investment grade ratings for the client.