Arctaris Annual Impact Report: Financial Innovation. Community Impact.

The Eddy at Grand Junction

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The Eddy at Grand Junction is a multi-family/campsite project with 96 units of residential workforce housing and a 73-site RV Campsite. The development aims to address the significant rental unit shortfall in the City of Grand Junction and surrounding areas.

Impact Thesis

This project addressed racial wealth gap by facilitating minority business ownership: Arctaris provided capital to a minority entrepreneur to finance this transaction. The company targets training and hiring a more diverse workforce as it grows.

Specialized Construction Incorporated

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Specialized Construction Incorporated (SCI) is a 60-year-old asphalt paving, repair, and maintenance provider in Cuyahoga County. SCI is one of the only contractors in the region that performs a specialized type of asphalt paving, single-press paving, which significantly reduces energy consumption and expedites construction time. With deep expertise and extensive experience in specialized paving, SCI has retained long-term customer relationships with municipal and commercial customers in Northeast Ohio for decades.

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Impact Thesis

Arctaris’ investment in SCI retains 40+ living wage construction jobs with the average wage of the labor jobs substantially above industry average. The new owner aspires to create 15 new living wage jobs in the next 5 years.

S&K Holdings

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S&K is a minority-owned home healthcare company formed in 1996 that provides personal care services for the elderly and disabled, with operations in Maryland, New Jersey, Pennsylvania, Virginia and Washington, D.C. The Arctaris investment will allow S&K to expand its footprint in Pittsburgh’s Alleghany County and Altoona’s Blair County.

Impact Thesis

Arctaris shares S&K’s vision to uplift the most vulnerable residents in underserved communities and provide living-wage jobs. The company consistently recruits credentialed caregivers in urban centers to care for the elderly and physically disabled residents and offers a competitive compensation plan and opportunities for advancement to support its efforts to recruit and retain the best talent. This program has been very effective, with S&K employee retention rates at the top quartile of the industry benchmarks. Included in the investment terms with Arctaris, S&K pledges to create an additional 50 to 100 full-time positions in Pittsburgh.

Northeast Heights

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Northeast Heights is a ground-up development with ~256,000 s/f of build-to-suit Class A office and retail space. Approximately 93% of the building is pre-leased for 20 years to the D.C. Department of General Services to serve as its new headquarters, with food and daily-needs retail expected to occupy the ground floor space.

Impact Thesis

This mixed-use Ward 7 revitalization project is the first of a 3-phase $600M effort in partnership with the D.C. Mayor’s office to revitalize the historically underserved Ward 7 east of the Anacostia River. The Project is expected to increase daytime foot traffic by 700+ and serve as an anchor in a neighborhood with 23.3% of families living under the poverty line and median income of approximately half of the rest of Washington, D.C. Later phases are expected to include a grocery store redevelopment, 1,300+ residential units, and community spaces. The project developer is a minority-owned business.

Market Fresh Gourmet

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Opening within a mixed-use building as a key ground-floor retail tenant, Market Fresh Gourmet will serve residents of the 260+ unit building along with local community members within an area publicly considered a “food desert” by Mayor Scott. The ~8,000 s/f Express grocery store will carry fresh produce, grocery items, baked goods and hot/cold prepared foods.

Impact Thesis

The Market Fresh project is managed by a 100% African American leadership team with significant industry experience that aims to concentrate sourcing from local minority-owned suppliers. The business will support vital social needs for accessible healthy food in a severely distressed census tract. The store will create 45 living-wage jobs, primarily sourced from the local community.

Huntsville Mixed-Use Development

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Huntsville is a $147M mixed‐use development will that will consist of two multifamily rental buildings (540 units/460k sf) with a grocery store in a food desert and ground‐floor retail (56k sf). The development is considered important to an area where $6.7bn in private investment led to creation of 14k+ new jobs over the past 5 years, upwards of 25k new jobs are projected over the next 18 months, downtown Huntsville’s population grew 60% from 201017 while residential supply grew by only 3%, and only ~6% of the projected ~9000 new housing units in near-term planning / development phases are expected to reside downtown.

Impact Thesis

The project aims to tackle food security challenges in a USDA-designated food desert, prioritize hiring MWBE subcontractors, leasing agents, a property management firm, and provide a commitment to retain at least 1 MWBE retail tenant, and create 600+ construction jobs and 200+ permanent jobs in an area (tracked by US Census) with income ~21% below US average and ~17.5% of people living below the poverty line.

300 Nevins- Gowanus

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300 Nevins is a 654-unit ground-up mixed use/mixed income development in the Gowanus neighborhood of Brooklyn, NY. Of the total residential units, 25% or 165 units will be designated as affordable, and the building will include ~40k SF of retail space.

Impact Thesis

The Gowanus Rezoning Initiative helps to increase racial and economic integration of BIPOC New Yorkers in a historically low-diversity neighborhood through higher housing density. The rezoning efforts along with the 421a, a NY property tax break, will allow 300 Nevins (which is providing 165 units of long-term high-quality 60% of AMI affordable housing to an expensive and desirable neighborhood) and similar projects to build substantial affordable units in the area. The developer has also pledged to use diverse contractors.

Erie Flagship Complex

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The Flagship Complex, LLC is a redevelopment property which includes approximately 64,000 s/f of commercial space including a food hall, retail grocery store space and 28 market-rate multifamily rental units.

Impact Thesis

This mixed-use downtown revitalization project aims to increase quality of life for residents in one of the poorest zip codes in the U.S with a 26.4% poverty rate and a designation by the USDA as a certified food desert. Flagship will create downtown Erie’s first full-service grocery store in decades – Whole Foods Co-Op, which serves a variety of budgets and offers all employees a living wage. Five out of seven of the Food Hall vendors will be women or minority-owned and all vendors understand what constitutes feasible products and price points for the community. The Project is expected to create 110-135 full-time jobs, and the developer is a certified MBE.

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