When the collapse hit the financial markets in 2008, plans were underway for construction of a new 177,628 square foot hotel to serve the Presbyterian Health Foundation, OU Medical School campus and surrounding medical and bio-tech facilities just south of the Oklahoma State Capitol. The planned hotel would provide needed accommodations for patient's families and visiting researchers and would provide quality employment opportunities for an area experiencing poverty rates greater than 40%. The market collapse halted the project. Three years later as markets began to recover; the developer's attempts to fund the project fell well short of the $32 million required despite significant developer equity.
NMR was able to cover this funding shortfall with $23.5 million in low interest rate QLICI loans. US Bancorp CDC provided $7.1 million of new markets tax credit equity to the investment fund. With this support, the developer was able to secure an additional bank loan and loans by the Presbyterian Health Foundation and the University Hospitals Trust.