Cherrytree Group Blog

Cherrytree closes on Massachusetts Historic Rehabilitation Projects

[fa icon="calendar"] Aug 31, 2017 2:40:37 PM / by Warren Kirshenbaum

BOSTON –Cherrytree Group, LLC, (“Cherrytree”) a Newton Massachusetts tax credit advisory firm has announced the closing and funding of two (2) historic rehabilitation projects in Massachusetts.  Cherrytree closed the state and federal tax credit equity financing of the projects using its Preserve & Renew (“P&R”) branded partnerships, which raised over $2 million in tax credit equity from individual investors.

 The projects are as follows:

 Plymouth Post Office and Courthouse, Plymouth, Massachusetts

 ▪ This project involves the adaptive re-use of the 100-year-old Plymouth Post Office and Courthouse.  The building, with its iconic clock tower, is in the process of being completely renovated and updated. The architect for this project is Raymond Design Associates and the general contractors are Steven A. General Contracting, BOJ Construction Inc., and Heritage Restoration Inc. The rehabilitation work includes both interior and exterior treatments to add (with the approval of the Historic Commission) several apartments and new commercial spaces, including a complete build-out of the US Post Office for their new long term lease.

 The Plymouth Post Office project received the 2017 Paul & Niki Tsongas Award on May 10, 2017 for the Best Main Street Project. Since 1988, Preservation Massachusetts’ highest honor has been the Paul & Niki Tsongas Awards, which recognizes the very best in historic preservation and those who have played an extraordinary role in promoting the preservation of our Commonwealth’s past for the benefit of its future.

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 297-301 Central Street, Gardner, Massachusetts

 ▪ The building at 297-301 Central Street, Gardner, Massachusetts (the “building”) is a classic Revival Style 10,000 square foot structure built in 1898, consisting of 3 floors plus a partial basement. Ganek Architects designed the project, bringing their expertise of over 25 years of high level service and success from previous projects of all sizes and types. The general contractor for this project, M.C. Andrews Co., provides dedication to quality and customer satisfaction, earning them a unique reputation in the construction industry.  The building is steps from public transportation and municipal parking.  Once completed, the building will have 6 units per floor, for a total of 12 modern studio apartments of around 400 sq. feet each. The completed apartments will provide sober housing to individuals that have completed a rehabilitation treatment program, are in recovery and transitioning into independent living. Rents are targeted at $650/month and full occupancy is expected. This project plays an important role in the battle against drug and alcohol abuse in the Commonwealth of Massachusetts.

 These projects show the power of preservation in America’s hometowns, we are proud to be part of both the revitalization of the Plymouth Post Office, and the adaptive reuse of the Central Street building in Gardner, which in a small way will assist in the battle against opiod and other addictions facing our communities,” said Warren Kirshenbaum, President of Cherrytree. 

 Cherrytree teamed up with 1620 Capital, LLC and GAAMHA, Inc. on these projects.

 1620 Capital, LLC is the management entity for all real estate investment, management and brokerage services for the Nikolaos Group and the 1620 Restaurant Group. Owned and operated by the Vasvatekis family, 1620 Capital, which has been privately owned for nearly three decades, continues to expand its real estate portfolio.   Over the past few years, 1620 Capital has engaged in exciting and relevant historic restoration projects, with Post Office Square in Plymouth, Massachusetts being its most recent and highly featured project. The Plymouth project is an extensive and comprehensive historic preservation venture that has breathed new life to one of Plymouth’s most outstandingly notable buildings.  The building’s great location, prominence, period specific architectural detail, momentous scope, and remarkable potential are prominent features of the Town Square. Over the years, 1620 Capital has transformed numerous real estate properties, but Post Office Square is the one of which they are most proud and believe will leave a legacy for the Vasvatekis family and for the Town of Plymouth for years to come.

 Gardner-Athol Area Mental Health Association (“GAAMHA”)-Gardner, MA Sober Housing Project

GAAMHA, Inc. was established in 1967 to provide services to individuals with developmental disabilities in the greater Gardner area. GAAMHA established Pathway House in 1972 to provide residential services for men with substance use disorders. In 1985, GAAMHA Transit was launched to provide transportation services to the individuals served at Pathway House.  GAAMHA, Inc. and GAAMHA Transit merged in 1997 (hereafter “GAAMHA”), and in 2000, GAAMHA acquired Coleman Assembly & Packaging, an innovative social business providing full-service assembly and packaging services.

 Cherrytree offers tax credit consulting, brokerage and syndication services to developers as well as individual and institutional investors.  Cherrytree applies for, secures, and monetizes avaialable federal and state tax credits, focusing primarily on the Massachusetts Brownfields Tax Credit, federal and state historic rehabilitation tax credits, and renewable energy tax credits, such as the solar investment tax credit.

 

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Topics: Historic Rehabilitation Tax Credit

Warren Kirshenbaum

Written by Warren Kirshenbaum

Warren is the President and CEO of the Cherrytree Group, a tax credit consulting, brokerage, and syndication firm.

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