Projects: New Markets Tax Credits

Artists for Humanity – Boston, Massachusetts

Nolan Sheehan Patten represented MassDevelopment in connection with an $11 million NMTC financing for the expansion of the Artists for Humanity headquarters.  Bank of America was the investor and this project qualified using the targeted populations regulations.  Artists for Humanity …

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 …

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 …

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 …

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 …

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

Black River Meats Expansion – Springfield, Vermont

Our client, Vermont Rural Ventures, Inc., provided over $9 million in NMTC financing to complete the fit-up of a seafood and meat processing facility in Springfield, VT. Expanded operations at the plant are expected to create 15 new jobs in …

Enterprise Block Redevelopment – Brockton, Massachusetts

 

4 WEST ELEVATION (MAIN ST) _ Au

Nolan Sheehan Patten represented CDE subsidiaries of MassDevelopment and MHIC in financing the rehabilitation of the Enterprise Building located at 60 Main Street in downtown Brockton, MA.  Our clients partnered with Bank of America to provide $18,000,000 in loans …

Worcester Telegram and Gazette – Worcester, Massachusetts

Worcester

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 …

Bristol Boys & Girls Club – Bristol, Connecticut

Nolan Sheehan Patten represented a CDE in providing a $9.7 million loan to the Boys & Girls Club and Family Center of Bristol, Connecticut.  This 38,000 square foot neighborhood services center includes an education and technology center, vocational kitchen and …

Molnlycke Manufacturing – Brunswick, Maine

Nolan Sheehan Patten represented the Borrower in structuring a $10,000,000 state NMTC financing, including real estate due diligence and providing a federal tax opinion.  This 79,000 square foot manufacturing facility will add, or preserve, more than 160 well paying jobs …

WEIDMANN – NCIC Board Company – St. Johnsbury, Vermont

Weidmann

The proceeds of approximately $34.5 million of New Markets Tax Credit financing were utilized to purchase specialized equipment and construct an addition to the existing Weidmann Electrical Technology manufacturing facility.  Nolan Sheehan Patten advised both Massachusetts Housing Investment Corporation (MHIC) …

Generations Family Health Center – Willimantic, Connecticut

Generations

We worked with our client, Massachusetts Housing Investment Corporation (MHIC), to structure a two-phase financing for the construction of a Federally Qualified Health Center in Willimantic, Connecticut. In the first phase, we created a structure to allow the sponsor, Generations …

Community Health and Social Services Center – Detroit, Michigan

CHASS

Community Health and Social Services Center

Nolan Sheehan Patten represented Capital Link, Inc. in obtaining a full recourse loan from The Kresge Foundation, and thereafter utilizing the proceeds to provide an upper-tier loan to the Community Health and Social Services …

Highmark Stadium – Pittsburgh, Pennsylvania

Nolan Sheehan Patten served as special counsel to the developers of the Highmark Stadium, home of the Pittsburgh Riverhounds United Soccer League team and the Pittsburgh Passion Professional Women’s Football team.  The project utilized over $7MM in New Markets Tax …

Codman Square Health Center – Dorchester, Massachusetts

Codman

We represented Massachusetts Housing Investment Corporation in structuring a New Markets Tax Credit financing package for the renovation and expansion of Codman Square Health Center (CSHC) in Dorchester, MA.  CHSC leveraged funds from many other sources, including a Facilities Improvement …

Boston Youth Hostel – Boston, Massachusetts

Boston Youth Hostel

Boston Youth Hostel

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) …

Donald T. Erwin Community Health Center – New Orleans, LA

Donald T. Erwin Community Health Center

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 …

Eustis Street Firehouse – Roxbury, Massachusetts

Eustis Street Fire House

Eustis Street Fire House

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 …

Boston Carpenters Training Center – Boston, Massachusetts

Carpenter

Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in structuring a $13,980,405 New Markets Tax Credit financing package for the site acquisition and development of this project. Upon completion, the project created an approximately 38,942 square foot apprenticeship training facility …

Nobis Engineering Headquarters – Lowell, Massachusetts

photo credit: Durkee Brown Viveiros & Werenfels Architects

photo credit: Durkee Brown Viveiros & Werenfels Architects

Our attorneys represented Massachusetts Housing Investment Corporation, which provided loans of $3.5 million in New Markets financing to finance the adaptive reuse of a historic mill building in Lowell, Massachusetts. The loans …

Buzzards Bay Center – New Bedford, Massachusetts

photo credit: Buzzards Bay Coalition, Inc.

Nolan Sheehan Patten represented the Massachusetts Development Finance Agency (MassDevelopment), a quasi-governmental agency, in structuring and closing a $4.95 million qualified low-income community investment (QLICI). The QLICI proceeds were used to rehabilitate the historic …

Boston Conservatory – Boston, Massachusetts

http://nolansheehanpatten.com/repprojects/boston-conservatory

The Boston Conservatory

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 …

Apex Resource Technologies – Pittsfield, Massachusetts

Apex

photo credit: Apex Resource Technologies, Inc.

Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation (MHIC) in developing its first New Markets Tax Credit business loan to Apex Resource Technologies, Inc. (Apex). MHIC provided Apex with debt financing for long-term working …