Urban & Historic Renovation

Overview

Walter | Haverfield has a long track record in the field of urban and historic renovation, having worked with dozens of developers over the years to help them breathe life back into old, non-productive buildings. Much of Northeast Ohio’s renaissance is the result of successful renovation projects, and we are proud to say that we have had a role with many of these noteworthy projects.

Although there are a number of firms that offer real estate development services to their clients, few offer the combination of resources necessary to provide counsel specifically for urban and historic renovation projects. Our attorneys understand the process of garnering approval to qualify projects for a wide array of tax credits, including federal and state new market tax credits, as well as federal and state historic tax credits. Our tax attorneys are well-versed in the tax credit arena and can provide the critical tax opinions on client projects.

We counsel both developers and lenders, often bringing them together and negotiating the necessary documents to get deals done. The historic renovation projects we’ve handled throughout Northeast Ohio typically involve complex ownership and leasing structures, so when a qualifying project is contemplated, clients rely on our counsel to prepare the project for occupancy, secure construction and bridge financing, and meet investor financial obligations.

We additionally help our clients secure permanent loans and have the experience to integrate them into the complex, challenging tax structure that characterizes many major renovation projects.

Experience

The Urban & Historic Renovation group’s experience and services include the following:

  • Counsels and assists clients in urban and historic renovation projects including the use of historic and new markets tax credits.
  • Representation of private developer in a $45,000,000 historic rehabilitation project involving the mixed-use redevelopment of a 122 room hotel and 55 luxury residential units. The project utilized federal and state historic tax credits. Assisted with all aspects of satisfying the requirements of the federal and state historic tax credit investors.
  • Representation of private developer in a $9,000,000 historic rehabilitation project involving the mixed-use redevelopment of 26 residential units and street level retail space. The project utilized federal and state historic tax credits. Assisted with all aspects of satisfying the requirements of the federal and state historic tax credit investors.
  • Representation of local developer in connection with the historic preservation of industrial building on the West Bank of the Flats in Cleveland, Ohio supported by State and Federal Historic Tax Credits.
  • Representation of developer in connection with acquisition, redevelopment and financing of multi-building complex in Cleveland, Ohio in retail, office, multifamily and hotel project involving New Markets Tax Credits, Federal and State Historic Tax Credits, County and State grants and loans, and taxable capital lease revenue bonds, tax increment financing, and direct construction and mezzanine financing.
  • Representation of developer in a $12,000,000 historic rehab project involving the conversion of a 100,000 square foot warehouse into 45 apartments. The project utilized federal and state historic tax credits and real estate tax abatement. Assisted with all aspects of making the project eligible for historic tax credits, securing such tax credits, negotiating with tax credit investors, and satisfying the requirements of the real estate tax abatement program.
  • Representation of developer in a $35,000,000 project involving the conversion of a 175,000 square foot former industrial building into apartments and retail. The project utilized federal and state historic tax credits, New Market Tax Credits, and Tax Increment Financing.
  • Representation of developers in the utilization of Ohio and Federal Historic tax credits, including the unwind or tax credit organizational structures upon completion of applicable recapture and/or compliance periods.

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