Real Estate Matters
Citizens Bank, N.A.
New Market and Historic Tax Credit financing
- Represented lender in a New Markets and Historic Tax Credit financing structure for the acquisition and rehabilitation of a mill building in Lowell for a mixed-use commercial and residential condominium complex.
- Lender provided a $10.6M construction to permanent loan secured by a collateral assignment of the leverage loan documents, a sinking fund, and business assets of borrower.
- Lender also provided $8.5M bridge loan financing secured by the sale of state historic tax credits and the receipt of principal payments flowing through the structure from the receipt of federal historic tax credits when the project is placed in service.