Projects: Community Development Entity
The Record Company - Boston, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in deploying $4.3M of New Markets Tax Credits to finance the fit-out and equipping of approximately 12,500 square feet of industrial space to be operated as a music recording studio and rehearsal facility, while also representing BlueHub Loan Fund in its provision of source financing. Located in the Roxbury neighborhood of Boston, the project will provide affordable music workspace and professional development programs to communities with historically limited access. The project has committed to creating new jobs and ensuring that professionals in the music industry are properly compensated for their work. Our representation utilized an innovative NMTC structure which limited transaction costs and maximized the tax credit equity available to the project.
Eustis Street Firehouse – Roxbury, Massachusetts
The oldest firehouse in Boston, the Eustis Street Firehouse was abandoned in the 1950s and fell into serious disrepair, requiring wooden braces and threatening collapse prior to construction. Given its history, however, the building remained important to the City’s character. Historic Boston, Inc. (HBI), a local nonprofit focused on rescuing, preserving, and rehabilitating historic Boston properties, decided to save the structure for its own headquarters. Nolan Sheehan Patten represented both the CDE and Investor in creating a twinned NMTC and state/federal HTC master tenant structure that delivered a $2.1 million financing package to HBI by leveraging a loan from the City of Boston, capital campaign funds, and equity investments. HBI moved into the renovated building in the fall of 2011. The move has spurred additional development and revitalization throughout the Dudley Square community.
Donald T. Erwin Community Health Center – New Orleans, LA
Nolan Sheehan Patten represented a subsidiary Community Development Entity (CDE) of Capital Link, Inc. in this twinned New Markets Tax Credit and Federal Historic Tax Credit transaction. The structure leveraged the proceeds of grants from the Kresge Foundation and the Louisiana Primary Care Association, a loan from the State of Louisiana’s Office of Community Development, and equity from First NBC Bank through the CDE to provide over $7,000,000 in qualified low income community investment loans to an affiliate of the St. Thomas Community Health Center in New Orleans, Louisiana. St. Thomas used these funds to acquire, rehabilitate and retrofit a well-known historic building in downtown New Orleans into the Donald T. Erwin Community Health Center, an urban health center primarily serving uninsured and underrepresented low-income populations.
Boston Youth Hostel – Boston, Massachusetts
Nolan Sheehan Patten represented two of the three community development entities (CDEs) in this $36 million financing which combined the New Markets Tax Credit and Historic Tax Credit programs. We advised both Massachusetts Housing Investment Corporation (MHIC) and Massachusetts Development Finance Agency (MassDevelopment) in structuring and closing qualified low-income community investments of approximately $23.5 million. The proceeds will be used to finance the Dill Building—a historic building at the intersection of Boston’s midtown cultural district, theatre district and Chinatown—into the first LEED certified youth hostel in the United States. Additionally, the Project is expected to generate more than $16 million of annual revenue for Boston-area businesses.
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.
Lincoln Electric – Cleveland, Ohio
Nolan Sheehan Patten represented the Development Fund of the Western Reserve’s community development entity (CDE) in delivering $5,000,000 of NMTC investment to finance the development of a 120,000 square foot welding and technology training center in Cleveland, Ohio. Lincoln Electric Welding School instructs and trains individuals throughout Ohio in the various methods and techniques of safety and arc welding processes. The new training center will increase capacity for training and retaining cutting-edge manufacturing employment and growth in the Cleveland area.
Women’s Center and Shelter – Pittsburgh, Pennsylvania
Nolan Sheehan Patten represented a CDE lender in connection with a $7.2 million loan to finance the expansion of an emergency center for women and children who have been victims of domestic violence. The organization also provides support services such as counselling, training and referrals, and education resources.
Chroma Technology Corp. – Bellows Falls, Vermont
Nolan Sheehan Patten represented the CDE lenders in connection with a $21.5 million loan to finance a 36,800 sq. ft. renovation and expansion of Chroma Technology Corp.’s optical manufacturing facility in Bellows Falls, Vermont. The project is expected to create at least 20-25 new jobs over several years, while also retaining 113 jobs in the area. The transaction also financed new manufacturing equipment, expanded parking and related site improvements.
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
Ronald McDonald House – Akron, Ohio
Nolan Sheehan Patten represented Development Fund of the Western Reserve, Inc. in closing the NMTC transaction, which consisted of QLICI loans to the project sponsor Children’s Family Care, Inc. in connection with the expansion of the Ronald McDonald House of Akron, which serves the Akron Children’s Hospital. This project was funded with $7.5 Million of federal New Markets Tax Credits and will triple the number of rooms available from 20 to 60 and create 135 construction jobs, 8 full time and 3 part-time jobs which will be available to qualified local residents.
Mill 19 — Pittsburgh, Pennsylvania
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.