Bob Dorfman, president of Dorfman Capital, announced the completion of a 20% federal historic rehabilitation tax credit sale associated with the rehabilitation of 88-98 Chestnut Street in Norwich, CT. The building, originally built in 1873, is listed on the National Register of Historic of Places and has been fully restored into a ten unit rental apartment building. The purchaser of these tax credits is an institutional investor. The developer of the building is 88-98 Chestnut Street, LLC, an affiliate of Phoenix Financial Services, LLC headquartered in Providence, RI.
The building was originally built by Charles Spaulding, a Yankee industrialist. Initially occupied by Irish immigrants, the building in 1882 was later sold to a German Jewish immigrant and by the early 20th century, residents were primarily Italian immigrants. The building is now the first phase of a six parcel redevelopment project in Norwich.
The National Register of Historic Places is the nation's official list of cultural resources worthy of preservation. Authorized under the National Historic Preservation Act of 1966, the National Register supports public and private efforts to protect our historic and archeological resources. Properties listed in the Register include districts and buildings that are significant in American history and culture. The National Register is administered by the National Park Service, which is part of the U.S. Department of the Interior.
Owners of properties listed in the National Register may be eligible for a 20% investment tax credit for the certified rehabilitation of income-producing certified historic structures such as commercial, industrial, or rental residential buildings.
About Dorfman Capital
Dorfman Capital specializes in accessing low cost debt and equity capital for successful real estate developers and corporations through innovative finance programs. Dorfman Capital works with entrepreneurs and investors for business expansion and historic preservation to create economically and environmentally healthy communities so that people can reach their full potential. Areas of expertise are government guaranteed financing, tax exempt and taxable debt financing, venture capital and tax credit financing.