Conversion of Historical Trolley Barn
Operating Partner was introduced to Zitelman Partners and needed $1,300,000 of equity to close and they were on a short time frame. They chose Zitelman Partners because Zitelman Partners had experience with investments in QOZ and Historic Tax Credits and was able to complete due-diligence quickly and commit to fund. Zitelman Partners and its Investor Partners have done two deals with this Operating Partner, investing a total of $2.5 million.
Status:
Building plans are being completed and re-development has begun. Owners expect $800,000 in Historic Tax Credits. Investors should benefit from the economics of the investment as well as receive favorable tax treatment due to QOZ.
Property type
22,000 sf mixed-use redevelopment located in QOZ (Qualified Opportunity Zone) with Historic Tax Credits
Location
Philadelphia, PA
Date of Investment
2020
Total Capitalization
$6,010,000
Total Equity Required
$1,444,000
Total Equity from Zitelman Partners and its Investor Partners
$1,300,000