Hatcher At Scyene Title Holding Company

Organization Overview

Hatcher At Scyene Title Holding Company is located in Dallas, TX. The organization was established in 2015. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hatcher At Scyene Title Holding Company is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.

For the year ending 12/2021, Hatcher At Scyene Title Holding Company generated $12.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 40.2% each year . All expenses for the organization totaled $12.9m during the year ending 12/2021. While expenses have increased by 48.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

HOLDING PROPERTY, LEASING PROPERTY, COLLECTING INCOME, AND TURNING OVER THE ENTIRE AMOUNT LESS EXPENSES TO FRAZIER REVITALIZATION, INC. (FRI), A NOT FOR PROFIT ORGANIZATION WHOSE MISSION IS THE REVITALIZATION OF A LOW INCOME NEIGHBORHOOD IN DALLAS, TX.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ORGANIZATION WAS FORMED IN AUGUST 2014, AND ENTERED INTO A PRIMARY LEASE WITH FRAZIER REVITALIZATION, INC., WHICH IN TURN ENTERED INTO A SUB-LEASE WITH DALLAS COUNTY HOSPITAL DISTRICT, DOING BUSINESS AS PARKLAND HEALTH & HOSPITAL SYSTEM (PARKLAND HEALTH) FOR 25 YEARS. IN AUGUST 2014, THE DALLAS DEVELOPMENT FUND (DDF) AWARDED A $15,000,000 NEW MARKETS TAX CREDIT (NMTC) ALLOCATION TO FRAZIER REVITALIZATION, INC. FOR THE CONSTRUCTION OF 44,378 SQUARE FOOT MEDICAL FACILITY IN THE FRAZIER AREA OF DALLAS, TEXAS. THE TRANSACTION CLOSED IN AUGUST 2014, WITH THE DDF AND JPMORGAN CHASE, N.A. (CHASE). AS THE NMTC EQUITY INVESTOR, CHASE PROVIDED APPROXIMATELY $4.89 MILLION IN NMTC EQUITY. CHASE PROVIDED A $11.7MM TERM LOAN (SENIOR LOAN) TO FRAZIER REVITALIZATION, INC., PART OF WHICH WAS USED TO FUND A $10.45 MILLION "LEVERAGE LOAN" FROM FRAZIER REVITALIZATION TO CHASE INVESTMENT FUND (CIF), A SPECIAL PURPOSE INVESTMENT FUND ENTITY. CHASE IS RESPONSIBLE FOR THE MANAGEMENT OF CIF. THE NMTC EQUITY AND LEVERAGE LOAN WAS COMBINED TO CAPITALIZE THE CIF, WHICH IN TURN MADE A QUALIFIED EQUITY INVESTMENT (QEI) OF $15 MILLION INTO A SUBSIDIARY OF DDF (SUB-CDE). DDF, THROUGH THE AFOREMENTIONED SUB-CDE, MADE TWO QUALIFIED LOW INCOME COMMUNITY INVESTMENT (QLICI) LOANS TO THE ORGANIZATION. THE IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS (QALIC B). CONSTRUCTION OF THE FACILITY WAS COMPLETED IN APRIL 2015 AND OPENED IN MAY 2015.IN AUGUST 2021, IN ACCORDANCE WITH NMTC REGULATIONS, THE COMPLIANCE PERIOD FOR THE INVESTMENT MADE BY THE SUB-CDE TO THE ORGANIZATION ENDED. THE NMTC TRANSACTIONS WERE TERMINATED, AND INTERESTS WERE REALIGNED AS FOLLOWS: CIF TRANSFERRED 100% OF ITS MEMBER INTEREST TO CHASE NMTC HATCHER STATION INVESTMENT FUND, LLC, OWNED BY FRAZIER REVITALIZATION, INC.; DDF ASSIGNED THE QLICI LOANS TO CHASE MNTC HATCHER STATION INVESTMENT FUND, LLC IN CONSIDERATION OF ITS MEMBER INTEREST IN DDF; BEING THE ONLY OWNER, FRAZIER REVITALIZATION, INC. DISSOLVED THE CHASE NMTC HATCHER STATION INVESTMENT FUND, LLC.IN ACCORDANCE WITH A PROVISION IN THE SUB-LEASE BETWEEN PARKLAND HEALTH AND FRAZIER REVITALIZATION, THE TENANT, PARKLAND HEALTH, EXERCISED THEIR RIGHT TO PURCHASE THE FACILITY AFTER THE END OF THE SEVEN YEAR NMTC TAX COMPLIANCE PERIOD. IN OCTOBER 2021, THE ORGANIZATION SOLD THE MEDICAL FACILITY TO PARKLAND HEALTH FOR $22.8 MILLION, TERMINATED THE SUB-LEASE, AND FRAZIER REVITALIZATION, INC. TERMINATED THE PRIMARY LEASE WITH THE ORGANIZATION; THE ORGANIZATION REPAID QLICI LOAN A TO THE FRAZIER REVITALIZATION, INC.; FRAZIER REVITALIZATION, INC. FORGAVE QLICI LOAN B, AND REPAID THE CHASE SENIOR LOAN. THE TRANSACTION RESULTED IN A GAIN OF APPROXIMATELY $8.2 MILLION.


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Board, Officers & Key Employees

Name (title)Compensation
Jmcdonald Williams
Secretary
$0
Benjamin Glispie
President
$0
John Castle Jr
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Hill & Wilkinson
General Contractor
$6,508,924
Alpha Testing
Civil Engineer & Environment
$219,067
Pritchard Associates
Constr. Management
$171,156
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$140,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$140,000
Total Program Service Revenue$90,000
Investment income $4
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $8,252,696
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $12,767,450

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Hatcher At Scyene Title Holding Company has recieved totaling $140,000.

Awarding OrganizationAmount
Frazier Revitalization Inc

Dallas, TX

PURPOSE: Contributions to QALIC B

$140,000
View Grant Recipient Profile

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