CityScape fund offers developers new financing solution.
As one of the leading syndicators of historic tax credit transactions, no equity investment is too large. However, CityScape can also offer attractive solutions for modest transactions requiring as little as $400,000 of historic tax credit equity.
Through the CCG Historic Partners Family of Funds, CityScape announced its recent historic tax credit equity investments in several projects including the $3.6 million renovation of the historic Raleigh Furniture Building, located at 119 E. Hargett Street in Raleigh, NC, offering a mix of ground floor retail and upper-floor office space; the $3.8 million rehabilitation of the historic West and Curry Buildings in Rome, GA, tomarket rate rental residential and the $4.1 million renovation of the historic 3-story 13 Washington Street Building in New London, CT, offering a full-service food market and restaurant on the ground floor, several smaller specialty food and complementary retail stores on the second level, and nine rental residential apartments on the third floor. According to managing director William Hoffman, "Prior to establishing our Fund, the hardest telephone calls to answer were from developers, or their representatives, who had exceptional projects but just didn't have enough tax credits to attract mainstream institutional investors.
"Thus, having long recognized the need to service this market segment, CityScape can now offer a compelling solution to these developers."
CityScape's investments range in use from market rate apartment complexes and boutique hotels to commercial office/retail buildings and charter schools, including both for-profit and non-profit development partners.
CityScape investments can be structured to accommodate new markets tax credits ("NMTC") utilizing NMTC allocations received by either a CityScape affiliate or another NMTC recipient. CityScape can also participate in combination historic tax credit and low-income housing tax credit ("LIHTC") transactions in order to maximize the eligible basis and the ultimate equity raise for the developer.
According to managing director Robert Plotka, "CityScape has gone to great lengths to standardize the review and approval process, as well as the documentation and closing process, to allow for expedited and efficient closings. This streamlined approach has allowed development partners to minimize their transaction costs, without hindering their development plans."
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|Publication:||Real Estate Weekly|
|Date:||Nov 15, 2006|
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