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Tax Credit Services

Stonehenge’s Tax Credit Services business line is a nationally recognized marketplace leader in federal and state incentives. We have invested in projects that have generated over $3 billion in various federal and state incentives across the United States since 1993 without having a single incentive recaptured, disallowed, or forfeited. Our core business is to assist sponsors, developers and institutional investors to meet capital needs in selecting, structuring, underwriting, closing and asset management for tax credit investments. Our expertise keeps the process simple and ensures we add value for developers, investors, sponsors and buyers throughout the entire tax credit process.

Sponsors, Developers & Producers

Stonehenge works with sponsors, developers and producers to provide federal and state tax credit equity to projects that generate historic and renewable energy credits. Stonehenge works with our sponsors, developers and producers to assist with the following services:

  • Origination & Evaluation
  • Structure & Underwriting
  • Closing
  • Asset Management & Monitoring
  • Investment & Tax Reporting
  • Asset Disposition

State and Federal Tax Credits

Stonehenge’s Tax Credit Services team participates as an investor in a variety of state and federal tax credit programs that are designed to stimulate private capital investment in targeted industries that have the potential to support additional economic growth. Stonehenge generally acts as a principal in state and federal tax credit transactions by using its own capital, which removes all tax credit marketing and placement risk from the developer and provides certainty with respect to the value of the tax credits and the timing of the investment.

Stonehenge utilizes single and multi-investor funds with major U.S. corporations, banks, insurance companies and individuals with  tax liability that can be managed by investing in state and federal tax credits. Stonehenge works with our sponsors, developers and producers to invest in opportunities that generate state and federal tax credits within but not limited to the following industries:

  • Historic Rehabilitation
  • Renewable Energy
  • Film & Entertainment
  • Textile Mill
  • Abandoned Building
  • Brownfield Remediation
  • New Opportunity

For information, please contact Whitney LaNasa and Steven LeBlanc

Federal Investors

Stonehenge provides services to federal investors investing in projects that generate historic rehabilitation and renewable energy tax credits. Stonehenge works with major U.S. corporations, banks, and insurance companies to provide the following services:

  • Origination & Evaluation
  • Structure & Underwriting
  • Closing
  • Asset Management & Monitoring
  • Investment & Tax Reporting
  • Asset Disposition

For information, please contact Whitney LaNasa

State Investors & Taxpayers

Stonehenge’s Tax Credit Services team participates in a variety of state tax credit programs that are designed to stimulate private capital investment and spur economic growth. State tax credits can be used to offset personal income, estate and trust, corporate income, franchise, insurance premium, AMT and bank share taxes. Our state clients and investors include major U.S. corporations, private companies, banks, insurance companies, CPA firms and taxpayers across all sectors of our economy, including retail, transportation, energy, telecommunication, technology, manufacturing, construction, entertainment and healthcare.

Stonehenge underwrites each transaction to ensure that the tax credits are generated in accordance with applicable laws and regulations. The lifecycle of the transaction process may vary by investment type; however, Stonehenge evaluates each investment to ensure all regulatory conditions required to generate eligible tax credits are met. Additionally, state investors & taxpayers are assisted with the following services:

  • Evaluation
  • Origination
  • Structure & Underwriting
  • Closing
  • Reporting
  • Transaction Structuring and Execution

For information, please contact Anna Kathryn Barber or Taylor Mayeux

Tax Credit Services

Portfolio

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1854 North

1854 North
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The former Olinde Furniture Store is located in the Mid City Cultural District at the corner of North Street and North 19th Street, and was the first Olinde Furniture Store in Baton Rouge. The 33,000 square foot two-story masonry structure was originally built in the 1920s and underwent a substantial rehabilitation resulting in 24 one bedroom and 13 efficiency apartments, while keeping much of the original exposed brickwork and industrial feel of the original building. This building contributes to the revitalization of this area by providing much needed housing to a wide variety of income groups using sustainable and green designs. The completed community will achieve “Enterprise Green Community” Certification.

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800 Magazine

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The original warehouse dates back to 1840, but records show it became the office for F. Johnson & Sons undertakers around 1884–the company that prepared the body of Jefferson Davis for lying in state at Gallier Hall in 1889. The American Coffee Company occupied the building in the late 1920s and remained in the location until 2010, roasting French Market brand coffee for decades. During the restoration, the edges of the third floor, which were added in the 1930s, were removed to make it look more like the original two-story building. The work also included sound insulation between the apartments and the restaurant, elevation of floors, which had sunk two feet, and remilling wood from ceilings and floors. The building is now home to Peche Seafood Grill on the ground floor with apartments on the upper floors.

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Audubon Hotel

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The Audubon Building is an eight-story structure that was built in 1909. Located at 931 Canal Street, next door to the Ritz-Carlton Hotel, it once house professional offices and retail shops but had remained empty for more than a decade prior its renovation. It was originally designed to be used as a hotel, but was turned into mixed-use retail and office space, and housed the Woolworth’s Department Store for a period of time. By 2009, the property had undergone foreclosure and was seized. It opened in December of 2011 as a 166-room hotel with a restaurant, bar and rooftop bar. A highlight of the renovation included specifying the manufacturer that produced the tin on the building’s outer canopy create replacements for the new hotel.

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Blueplate

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The former home of local favorite Blue Plate Mayonnaise was rehabilitated by HRI Properties and JCH Development into 72 mixed-income loft-style apartments designed with a leasing preference for artists. The Blue Plate building is listed on the National Register of Historic Landmarks and is located in a designated Louisiana Cultural District. It was originally constructed in 1941 and was designed by famed New Orleans architect August Perez. It was the first building in New Orleans constructed in the Art Moderne style. The sleek structure is famous for its distinctive smooth, all-white exterior, rounded glass-block corners and the iconic Blue Plate rooftop sign.

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Bywater

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Bywater Art Lofts II is the second phase of renovation at this location. The development known as Bywater Art Lofts was once a warehouse, which has now been renovated into thirty-seven affordable apartments marketed to artists. The 1920’s structure included 41,000 square feet and includes a 210-foot-long atrium. Bywater Art Lofts II created an additional 27 units of mixed-income housing for local artists. Twenty-seven one-bedroom units were created in the existing Rex Garment Factory warehouse located at the corner of Dauphine and Pauline Streets. The project was awarded a Louisiana Landmark Society 2014 Award for Excellence in Historic Preservation, and a South Central Construction Best of 2009 Award of Merit in Architecture and the Award for Best Renovation.

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Capital One Building / Associated Grocer

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The building was originally built by Fidelity National Bank, which became home to Hibernia National Bank in later years. Most recently, the building was owned and operated by Capital One Bank Operations Center for over fifty years until Capital One relocated making way for the construction of this mixed-use development in the heart of downtown Baton Rouge. The building is located at 440 North Third Street and is now named 440 on Third. Matherne’s Supermarket occupies the bottom floor, providing fresh meat and produce access to people in this area where two food deserts overlap. Sixty-five apartments occupy the mid-level area and the upper floors are being leased to USAgencies. The building was renovated to preserve its high ceilings and tremendous views. The developer’s goal was to add another 50+ years to the useful life of this property. The building obtained LEED certification.

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Civic Theater

533 Baronne
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The Civic Theatre was built in 1906 and is the oldest theater in New Orleans. It was originally known as The Shubert Theatre after the Shubert brothers who came from New York to build the original structure. Over the years, the theater went through various names and functions. It was out of commission as an active theater for 30 years and closed its doors in the early 1990’s. Following an $11.25 million renovation, which began in 2010, the Civic reopened to performances in September of 2013. It reopened as a fully customizable venue but retained much of its original décor and architecture. The 15,000 square foot theater can seat 800-1200 people.

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Hibernia Bank Building

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The Hibernia building stands at 23 stories and towers 335 feet above the city. It has been a jewel of the downtown New Orleans skyline since it opened in 1921 as the city’s first skyscraper. The renovation of the Hibernia building will convert the upper floors into 178 mixed-income apartments and two floors of office space for a total of approximately $56 million in development costs. Capital One acquired Hibernia in 2005 and will continue to operate its signature banking branch in the 14,000 square foot grand lobby. The second and third floors are occupied by tenants.

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Hotel John Marshall

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The redevelopment and adaptive reuse of the historic landmark Hotel John Marshall built in 1929 represents a $70 million impact to the community utilizing the HUD 221 (d) (4) program and federal and state historic tax credits. The development consists of 232 Class A apartments with approximately 30,540 square feet of retail space and 22,384 square feet of meeting and banquet space. In addition, the Residences at the John Marshall will be an eco-friendly adaptive reuse of the structure and will achieve the Green Globes designation for this renovation.

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IYRS

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The 1831 Aquidneck Mill was restored and reopened as a home for 10 private businesses (mostly related to the marine industry), a visitor center and a library for the International Yacht Restoration School. The mill was one of only two surviving in Newport.

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Joy Theater

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The Joy Theater was built in 1946 and is located at 1200 Canal Street. It was one of four original movie theaters in New Orleans, along with the Orpheum, the State Palace Theater and the Saenger Theater. The Joy Theater opened its doors on February 7, 1947 and was described as modern with its iconic neon marquee and art deco architecture. The Joy Theater closed its doors in 2003 and Hurricane Katrina inundated the building in 2005. The Joy was purchased by NOLA Theatre District, LLC and underwent a $5 million renovation in 2011 which transformed it into a 10,000 square foot multipurpose venue that can hold up to 1,200 guests. The renovation returned the Joy Theater to its former grandeur, including renovation of the iconic art deco marquee on Canal Street.

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LTV Tower

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An iconic Dallas landmark is in the midst of a redevelopment that will be one of the city’s first multi-use residential conversions. SCC invested in the state historic tax credits that were critical to the financing needed for a project that city officials believe will be a cornerstone for further downtown redevelopment.

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Myrtle Banks

1307 Oretha Castle Haley Boulevard
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The building at 1307 O.C. Haley Boulevard opened in 1910 as McDonogh 38 Elementary School and was later renamed for educator and civil rights activist, Myrtle Banks. The Orleans Parish School Board closed the school in 2002 due to low enrollment and the building was ravaged by fire in 2008 and has since undergone extensive renovation. Construction began on the $17 million project in 2013 and was completed in 2014 with a Roof Topping Ceremony held at the building in June of 2014. The first two floors are home to the 23,000 square foot Jack & Jake’s, a New Orleans-based food hub dedicated to bringing fresh food to underserved markets. The third floor is comprised of 9,300 square feet of office space which will be reserved for nonprofits and small businesses involved in creative industries. There will be 10,000 square feet of green space for seating and open-air markets outside.

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Ogilvie Building

217 Jones Street
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The five-story Ogilvie Hardware building in downtown Shreveport, Louisiana, was built in 1926 and operated as a hardware warehouse until 1999 when it closed and remained vacant and abandoned until 201. The property was purchased by Provident Realty Advisors and converted into 90 loft-style apartments that preserved the historic building utilizing federal and state historic tax credits. In addition to being a beautiful rehab, Ogilvie was also awarded LEED status for Home Gold designation, the FIRST historic mid-rise in the country to achieve this honor.

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Pere Marquette

501 Main Street
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The Hotel Pere Marquette is a 14-story hotel which was built in 1926 and is a landmark element of Peoria’s center city skyline. It is a notable surviving representative of the architecture of its day. The hotel underwent a $70 million renovation and now operates as the Peoria Marriott Pere Marquette Hotel under the Marriott brand. The renovation included a complete interior remodel, new parking deck and a pedestrian skywalk bridge that connects the hotel to the Peoria Civic Center. The classic Hotel Pere Marquette sign was also refurbished.

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Pizitz

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The Pizitz department store was built in 1923 and closed in 1988 leaving the building unoccupied since that time. Part of downtown Birmingham’s Second Avenue North Corridor revival, the building has been transformed into a major mixed-use landmark with residential and commercial retail space and is set to open in October of 2016. The building will retain its Beaux Arts terra cotta façade, which will be restored to its original condition using local craftspeople. When the renovation is complete, the Pizitz will include 21,000 square feet of retail space on the ground level, including a public urban market with more than two dozen stalls from which local vendors will sell fresh produce and foods prepared with locally sourced ingredients. The market will house an event space for community gatherings and teaching demonstrations. The renovation will also include 11,000 square feet of office space on the mezzanine and about 143 apartments. The building will retain its historic appearance, but will be modernized on the inside, integrating a seven-story light well to provide natural lighting to the apartments. Environmental sustainability is a priority and renovation is focused on achieving LEED Certification. The building has been identified as a strategic catalyst for continued downtown growth.

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Plant 64

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The former R.J. Reynolds Factory Complex 64 and its original buildings represent the earliest and potential best still existent example of a complete tobacco processing facility. The mixed-use project is located in Winston-Salem’s “Piedmont Triad Research Park.” The $55 million redevelopment will be completed in 2014 and was financed through utilization of federal historic tax credits and North Carolina Mill Rehabilitation Tax Credits. Stonehenge financed approximately $13.8 million of North Carolina Mill Rehabilitation Tax Credits.

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Riverwalk

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The Celanese Acetate Filament plant operated in Rock Hill employed as many as 1,600 workers and was part of the fabric of the community until it closed in 2005. The plant sat dormant for several years, and is now being renovated into the Riverwalk development. This multi-phased, mixed-use 1,008 acre master planned community will be comprised of a residential component including homes, townhomes and apartments as well as commercial interests located in the Business Park, a YMCA and a Micro Brewery. The development also includes the Rock Hill Outdoor Center featuring a collection of recreational amenities such as a velodrome, Piedmont Medical Center Trail, greenspace, athletic fields, canoeing and kayaking and a BMX supercross track. The old pump house, which stands in the river, will be converted to a restaurant.

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Roosevelt Hotel

130 Roosevelt Way
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Originally one of the South’s first grand hotels, a $145 million restoration has returned The Roosevelt to its place as the premier luxury hotel in New Orleans. Now a part of the prestigious Waldorf Astoria Collection, this landmark combines elegant guest rooms, historic dining and entertainment venues, luxurious meeting spaces and new indulgence like Guerlain Spa. Stonehenge financed nearly $32 million in Louisiana historic tax credits, which proved necessary to complete the renovation.

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Saenger Theatre

1111 Canal St
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New Orleans
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The Saenger Theater originally opened in 1927. It was designated a historic landmark by the New Orleans Landmark Commission and added to the National Register of Historic Places in 1977. The Saenger suffered significant damage during Hurricane Katrina in 2005. In December of 2011, agreements to restore the Saenger were finalized and its doors reopened in September of 2013 after a $53 million restoration.

Tax Credit Services

Our Team