Clocktower Tax Credits, LLC recently facilitated the transfer of the Pennsylvania Historic Preservation Tax Credits generated by the adaptive reuse of the former James Madison School in Scranton, PA by Greenspace Properties, LLC. The project entailed the adaptive reuse of the former public school into a mixed-use facility, containing a childhood learning center and apartments for graduate students at the nearby University of Scranton. The project generated the maximum number of Pennsylvania Historic Preservation Tax Credits allowable, and Clocktower introduced the buyer to the project, a large regional insurance company, who monetized the Tax Credits, providing a valuable equity source for Greenspace.
Clocktower has a national presence in helping real estate developments monetize their state Tax Credits, whether they be transferable certificates or non-transferable Credits, requiring an investment partner and special allocation. Each state offers its own “quirks” and intricacies of their transactions, needing the right advice and purchasing entity. Our experience in the industry and national investor base allows us to provide an ideal buyer fit for the transaction, ultimately providing equity to rehabilitate vital properties for communities across the country.
For more information, please contact David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.