Dorfman Capital Arranges Tax Credit Financings for Twin Cities CDC’s Affordable Housing Development
April 5, 2013- Dorfman Capital announces the completion of a Massachusetts Historic Tax Credit and a Massachusetts Brownfields Tax Credit financings for Twin Cities Community Development Corporation associated with the rehabilitation of the former Whitney & Co. building. Located at 142 Water Street in Leominster, the building was originally constructed in 1893 and is now 40 units of affordable housing, known as the Water Mill Apartments.
As a property listed in the National Register of Historic Places, the Whitney & Co. building was eligible for Massachusetts Historic Tax Credits based on qualifying rehabilitation expenditures. Dorfman Capital was hired to arrange the sale of the tax credits, with the proceeds of the sale being used to help fund the rehabilitation of the former box factory. The transformation of the property, which once stood as a dilapidated eyesore, grew out of the City of Leominster’s Gateway Cities Planning Initiative. It is an example of public and private efforts joining together to revitalize a building and a neighborhood.
Epsilon Associates, Inc. provided historic preservation consulting services, which provided the foundation for the MA Historic Tax Credits awards.
The property also qualified for MA Brownfields Tax Credits as a result a 21 E environmental cleanup completed at the site.
Twin Cities CDC began the redevelopment planning more than five years ago, although construction did not begin until July of 2011. The total cost of the development was $15 million, with financing coming from a mix of private, federal and state sources.
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.
About Twin Cities CDC
The Twin Cities Community Development Corporation is a membership organization led by the diverse resident and business communities of Fitchburg and Leominster. Twin Cities CDC invests in and organizes the residents of these cities to help build assets such as quality housing, good jobs, strong businesses and effective leaders. Twin Cities CDC envisions healthy neighborhoods where residents choose to live, work, and invest, thereby forming a powerful, unified community.
About Epsilon Associates, Inc.
Epsilon Associates, Inc. is an engineering and environmental consulting firm that provides strategic planning and permitting services to public and private sector real estate, energy, and institutional clients. Among the specialized services provided by Epsilon is its historic preservation consulting practice. Epsilon has extensive experience in assisting clients with state and federal historic tax incentives, historic preservation planning and compliance, and architectural design review.