Dorfman Capital Arranges Tax Credit Financing for Mixed Use Development
March 21, 2013 - Dorfman Capital has announced the completion of a federal historic tax credit financing, supporting the development of 100 Arlington Street in Boston, Massachusetts. The Congress Group and Related Companies are redeveloping the property as a luxury residential rental with 128 apartments, lifestyle amenities and street level retail. The former Boston Consolidated Gas Company headquarters was originally constructed at this location in the 1920's.
100 Arlington was determined to be significant enough for individual listing on the National Register, making it eligible for both Federal and Massachusetts State Historic Tax Credits based on qualifying rehabilitation expenditures. Dorfman Capital was hired to arrange the tax credit financing, with the proceeds of the financing being used to help fund the rehabilitation of the property.
The Congress Group originally purchased the property in 2010 and brought in Related Companies as a joint venture partner in 2012. 100 Arlington is prominently located at the intersection of the Back Bay, South End and the Theater District, and enjoys tremendous street presence and exceptional accessibility to virtually all of the attractions and amenities which have made the Back Bay the top residential neighborhood in the City of Boston. The 14-story building features a limestone and brick facade and two-story arched windows on the street and penthouse levels.
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. For more information about Dorfman Capital please visit www.DorfmanCapital.com.
About The Congress Group
The Congress Group, Inc. is a Boston‐based professional real estate firm specializing in residential and commercial development. The Congress Group specializes in the successful development and repositioning of challenged real estate projects and has amassed a diverse portfolio of investments in all major real estate sectors including historic rehabs, commercial office space, residential, hotel and retail projects. All aspects of Congress Group's projects are managed directly, from initial assessment and development through construction, management and eventual disposition. The successful development of over 6.5 million square feet of real estate valued at over $1.5 billion has established The Congress Group as one of the leading commercial real estate investment and development firms in the country. For more information about Congress Group please visit www.congressgroup.com.
About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties. For more information about Related Companies please visit www.related.com.