Projects: Performing Arts
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.
Boston Conservatory – Boston, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in working with Coastal Enterprises, Inc. and Non-profit Finance Fund to structure the financing of a facility to be used as a performing arts school in a low-income neighborhood of Boston. The financing involved use of tax exempt bond proceeds as a source for a leverage loan from the The Boston Conservatory to the NMTC investment fund. A nonprofit supporting corporation was formed by The Boston Conservatory to own the facility.