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Rackemann Helps Secure Financing for Redevelopment of Former Worcester T&G Building

Rackemann attorneys Kurt James and Megan Delehanty recently represented The Property and Casualty Initiative, LLC in closing a $1,385,000 upper tier New Markets Tax Credit loan for the benefit of New Garden Park, Inc., to assist in the financing of the redevelopment of the former Worcester Telegram & Gazette Building into a mixed-use office and commercial facility.  Kurt and Megan counseled PCI in bridging equity expected from 10% rehabilitation tax credits.  The transaction involved a number of other institutions providing debt and equity, including U.S. Bancorp Community Development Corporation, Fidelity Cooperative Bank, MassDevelopment, Massachusetts Housing Investment Corporation, The Community Builders, and the City of Worcester.

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