WORCESTER TELEGRAM AND GAZETTE
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.
Practice Areas: Historic Rehabilitation Tax Credits, New Markets Tax Credits
Client Types: Community Development Entity
Project Type: Adaptive Reuse, Mixed Use Complex