November 07, 2012 - Bob Dorfman, president of Dorfman Capital, announced the completion of a Connecticut historic tax credit sale for PMC Property Group ("PMC") associated with redevelopment of the Crown Street property formerly known as the Field Buildings. The buildings constructed in 1912 originally housed a printing press and clothing store and have been transformed into 65 market rate apartment units and ground floor retail space.
The buildings are located in the Ninth Square Historic District in the southwest section of downtown New Haven, a business and residential area. After a failed attempt to renovate the historic structures, PMC stepped in to purchase the buildings and complete the $8.2 million rehabilitation of the 45,000 square foot buildings. PMC owns and manages over 80 apartment communities throughout the East Coast, with living spaces that range from luxury historic high-rises to brownstones.
Dorfman Capital arranged both the forward commitment to purchase, and the ultimate sale of the Connecticut historic tax credits. The tax credits were an integral part of the financing of this project. Arrus Farmer, Project Finance Manager and Vice President of PMC said, " Dorfman Capital provided a valuable link to a reputable investor. Their involvement in the transaction made the process transparent and predictable. Supported by Dorfman Capital’s expertise and industry breadth, the
redevelopment of Crown Street was a smashing success!"
Owners of properties listed in historic districts may be eligible for a 20% federal investment tax credit and state historic tax credits for the rehabilitation of income-producing, commercial, industrial or residential certified historic structures. For more information, contact Bob Dorfman at Bob(at)DorfmanCapital.com
About Dorfman Capital
Dorfman Capital specializes in the qualification and sale of tax credits for the redevelopment of brownfields and the preservation of historic buildings. These tax credits are an integral component of the financing for real estate redevelopment and reuse projects. Dorfman Capital has raised over $1 billion in capital for its clients.