Projects: Adaptive Reuse
Worcester Telegram and Gazette – Worcester, Massachusetts
Nolan Sheehan Patten represented three separate CDEs in providing approximately $30,000,000 in QLICI loans, the proceeds of which were used for the historic rehabilitation of this approximately 135,000 square foot, 5 building complex previously known as the Worcester Telegram and Gazette building. Quinsigamond Community College will primarily occupy the rehabilitated complex, with smaller portions occupied by non-profit organizations and business incubator space. This project was one of the first twinned NMTC and historic tax credit transactions to close after the issuance of the IRS Revenue Procedure regarding partnership allocation of historic tax credits.
Lowell Community Health Center – Lowell, Massachusetts
Nolan Sheehan Patten represented Community Health Center Capital Fund, Inc. in connection with a $23 million NMTC financing for the Lowell Community Health Center. The project involved the rehabilitation and adaptive reuse of an approximately 64,000 square foot historic mill building on the Merrimack River in Lowell, Massachusetts. The Lowell Community Health Center provides affordable health care to children and adults and has served the communities of greater Lowell since 1970. This project will allow Lowell Community Health Center to expand its services substantially to the greater Lowell community.
98 Essex Street – Haverhill, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Equity Fund in connection with the renovation of 62 units of housing at 98 Essex Street in Haverhill. The project will entail the adaptive reuse and historic renovation of the former Shoe and Leather Associates building. When complete, a majority of the 62 prospective units will be either one or two-bedroom apartments, with seven of the apartments reserved for low income households. The redevelopment will offer a versatile array of housing near public transit. Total cost of the project is estimated to be $25 million with $16.8 million in the form of state cash as well as state and federal tax credits.
Knitting Mill – Fall River, Massachusetts
Nolan Sheehan Patten represented the City of Fall River, Department of Housing and Community Development and Massachusetts Affordable Housing Trust Fund in the financing, acquisition and redevelopment of a former mill building in Fall River, Massachusetts. This historic rehabilitation of a 149,000+ square foot mill will provide the City of Fall River with 100 affordable housing units, 25 of which will be reserved for seniors earning less than 30% of the area median income.
Sitkowski School Apartments – Webster, Massachusetts
Nolan Sheehan Patten represented the investor Massachusetts Housing Equity Fund (“MHEF”) in connection with the rehabilitation of an historic, decommissioned school. All historic elements will be maintained, or enhanced, with the addition of new parking areas, landscaping and streetscape improvements. The complex will have 66 units of affordable senior housing and a community/senior center. MHEF invested over $9 million in LIHTC and HTC equity.
Benson Woodworking, Inc./Unity Building Technologies, Inc. – Keene, New Hampshire
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation and Vermont Rural Ventures in connection with the structuring and closing of $8,332,312 in New Markets Tax Credit financing. The project, by means a Qualified Active Low-Income Community Business, is using the NMTC financing to purchase and renovate a manufacturing facility in Keene, NH, which will ultimately be used to assemble pre-fabricated home components. The renovated manufacturing facility will provide approximately 85 new jobs to the local census tract, which has been designated a “low-income community” for purposes of the federal New Markets Tax Credit program.
© Heather Holloway
Pittsburgh Children’s Museum – Pittsburgh, Pennsylvania
Nolan Sheehan Patten represented Pittsburgh Urban Initiatives in connection with the renovation of the vacant 18,000 square foot Carnegie Library Building adjacent to the Pittsburgh Children’s Museum in Allegheny County. Expanding the Museum footprint will make the Children’s Museum the largest cultural campus for children in the U.S, and the project will likely have employment and value-added effects throughout the region, not limited to Allegheny County. The cost of the project is estimated at $18 million for the construction phase of the project.
© Children’s Museum of Pittsburgh
93 Centre Street and 28 Petronelli Way
Nolan Sheehan Patten provided tax planning advice on the use of Opportunity Zone benefits and the Federal Historic Tax Credit in connection with the rehabilitation of two buildings in Brockton, Massachusetts. Both buildings further a downtown revitalization effort. The building at 93 Centre Street was a former furniture store. The building at 28 Petronelli Street once housed the boxing gym of Brockton native Marvin Hagler. Both are being converted to residential rental uses.