February 14, 2013 - Dorfman Capital has announced the completion of a Massachusetts Historic Tax Credit sale for United Teen Equality Center (UTEC) associated with the rehabilitation and expansion of the former Saint Paul's United Methodist Church originally built in 1839. The newly renovated building serves as UTEC's headquarters.
As a property located in a historic district, St. Paul's Church was eligible for Massachusetts State 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 and expansion of the former church. As a tax exempt nonprofit organization, UTEC was still able to benefit from the tax credits by selling them to an investor.
UTEC originally purchased the church in 2006 to house its headquarters, with the intention of rehabilitating and expanding the historic property to provide additional services. Approximately 7,500 square feet of space was added to the building in a new three story addition. Services being offered in the new space include a community café, performance center, and classrooms for UTEC's alternative education and GED programs.
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.