June 15, 2011 - Massachusetts Historic Tax Credits Support Transformation of the Beacon Communities Sacred Heart Church Complex in Lawrence, MA
Boston, MA: Bob Dorfman, president of Dorfman Capital announced the completion of a Massachusetts historic tax credit sale associated with Beacon Communities and the acred Heart Apartments. The former Sacred Heart Church is an adaptive reuse into a 4 unit affordable apartment complex for residents over the age of 55.
Beacon Communities owns and manages over 30 communities throughout New England, PA, NY, VA and MD. For over 40 years, they have been providing awardwinning residential communities that serve a diverse cross-section of society and make enduring contributions to the vitality of the cities and towns in which they are located.
Dorfman Capital arranged a forward commitment to purchase and the ultimate sale of these tax credits to an institutional investor.
Owners of properties listed in historic districts may be eligible for a 20% federal investment tax credit and state historic tax credits for the certified rehabilitation of
income-producing certified historic structures such as commercial, industrial or residential buildings.
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.