Lafayette Hotel Case Study
Historic Consultants served as the lead financial consultant on the project and responsible for procuring a combined $25 million New Market Tax Credit allocation toward the project and approval for the Historic Tax Credit program.
The tasks involved included:
- Restructuring the project;
- Arranging two Community Development Entities to contribute a combined total of $25 million in New Market Tax Credit allocation;
- Developing an energy savings strategy for the project, including identifying rebates, incentives, and tax credits available for the project;
- Negotiating with the existing lenders to become leverage lenders for New Markets and renegotiating the loan terms accordingly;
- Arrange for historic consultant to nominate property to national register and to complete rehabilitation tax credit application;
- and introducing the development team to qualified legal and accounting representation.
The result of our services enabled the project to be completed with an additional cash infusion of $7,958,000. This is an excellent example of how the combining of New Market Tax Credits and Historic Tax Credits can make a real difference with a project. To learn more about the project, please read the Novogradac Tax Credit Journal coverage in the January issue or review a project summary presentation below.
Lafayette Hotel Downloads
|Download the Novogradac Tax Credit Journal article|
|Download a project presentation|
Don’t miss any potential savings.
For more details on qualification, applicable tax rules and to initiate an application, contact Historic Consultants today.
HCI has made the preservation maze an educational and fulfilling part of our development process.
The assistance received from the professionals at Historic Consultants has streamlined the paperwork process to make historic rehabilitation a more rewarding experience for developers and property owners like ourselves.
‘Thank you’ just isn’t enough to express how eternally grateful I am for the assistance, persistence and professionalism you demonstrated.
I just wanted to let you know that what you did for me cannot compare to anything else anybody has done for me. You worked so hard and never I suspected or felt you got tired. To tell you the truth at one point I got tired of everything. You gave me hope and you made me believe this can happen. I will never forget all what you done for me. I always thought I believed in myself but you helped me to a higher level and I will always remember that.