Projects: Mixed Use Complex
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.
132 Chestnut Hill Avenue – Brighton, Massachusetts
Nolan Sheehan Patten represented the equity investor Wells Fargo in connection with a $20 million financing of 61 new construction senior housing units in Brighton by Jewish Community Housing for the Elderly. The new 54,000 square foot building will include on-site support and amenities for JCHE’s residents, retail and commercial space, and 21 on-site parking spaces. Seven units will be reserved for formerly homeless seniors and five units will be reserved for seniors with lifelong disabilities. An enclosed pedestrian bridge will connect the new development to JCHE’s existing 700-unit campus, creating a rich and inclusive living environment for the residents. The Harry and Jeanette Weinberg House will open in the fall of 2018.