Stonehenge’s Tax Credit Services team focuses on a variety of investment opportunities through federal and state incentive programs that are designed to stimulate private capital investment in targeted industries and spur economic growth. We have invested in projects that have generated over $3 billion in various federal and state incentives across the United States. We maintain an internal team that works together through the lifecycle of the incentive-based investment to ensure that policy goals are satisfied, investment risks are managed, and investor returns are achieved. Every investment is supported by our experienced team of professionals, including internal legal, compliance, tax and IT specialists.
Stonehenge’s Tax Credit Services team 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. Our core business is to provide sponsors and developers with capital solutions and to assist institutional investors with identifying, structuring, underwriting, closing and managing portfolios of incentive-based investments. Our expertise keeps the process simple and ensures we add value for all stakeholders throughout the entire incentive process.
Stonehenge provides incentive-based capital solutions to support the financing needs of Real Estate Developers whose projects have or will generate real estate-based tax credits through historic and similar rehabilitations.
Stonehenge Capital’s Tax Credit Services team manages these incentive-based capital solutions by participating in various federal and state incentive programs as a principal investor in projects that have or will generate federal and state tax credits. Our role as investor mitigates tax credit marketing and placement risk for Real Estate Developers and provides certainty with respect to both the availability and deployment of capital. Through the creation and management of single and multi-investor funds with major U.S. corporations, banks, insurance companies and individuals, Stonehenge provides structured vehicles to facilitate investment in projects that will generate federal and state tax credits.
Stonehenge also possesses the capability to provide Real Estate Developers with additional capital at the outset of construction through tax credit bridge loans.
Since 2006, Stonehenge has invested in 185-real estate-based projects in 14 states, which generated $855 million in tax credits. The real estate-based projects include, historic rehabilitation, brownfield, textile mill, abandoned building and others.
We are actively evaluating investment opportunities for closed-end, proprietary funds designed to invest in projects that generate federal historic tax credits while preserving the architectural character of our historic structures and the revitalization of American cities from coast to coast. These investors have been identified, mitigating marketing and placements risk for Real Estate Developers. We leverage our significant experience as state tax credit investors and bridge loan lenders to offer our investors a single historic tax credit financing solution from truly committed capital sources. The proprietary funds complement Stonehenge’s offering as a state tax credit investor and bridge lender.
We maintain close relationships with local and national real estate developers, accounting firms, industry consultants, financial institutions, the National Trust for Historic Preservation, various state preservation organizations and serve as a board member of the Historic Tax Credit Coalition.
The Tax Credit Services team manages Stonehenge’s state transferable film & entertainment credit investments. Since 2002, Stonehenge has monetized over $1 billion of film, television, and digital animation tax credits in 12 states, making Stonehenge a trusted partner in film tax credit finance.
Stonehenge maintains close relationships with the major Hollywood studios and a variety of experienced studios. We have the ability to serve as a principal to remove the tax credit marketing and placement risk from the studios. By acting as much more than a tax credit broker, we provide certainty with respect to the value of the tax credits, timing of cash flows, and overall execution. Additionally, our team can lead all aspects of tax credit transfer documentation and filing processes for transferable tax credits.
Stonehenge is active in all states that have transferable film tax credit programs.
For more information, contact Anna Kathryn Barber.
The Tax Credit Services team manages Stonehenge’s state tax credit investments in states that offer corporate & private companies a transferable or allocable tax credit incentive. Stonehenge has the ability to serve as a principal to mitigate tax credit marketing and placement risk from the tax credit awardee, which provides certainty with respect to the availability and deployment of capital. Additionally, our team can lead all aspects of tax credit transfer documentation and filing processes for transferable tax credits. Having executed on over $3 billion of commitments since 1999, Stonehenge is a trusted partner in the tax credit marketplace.
Stonehenge is active in programs across the United States including, but not limited to, New Jersey, Connecticut and Iowa.
For more information, contact Taylor Mayeux.
Stonehenge provides investment management services to federal investors who are interested in federal Historic Rehabilitation and Renewable Energy Tax Credits projects.
Stonehenge works with major U.S.corporations, banks and insurance companies to invest in projects that will generate federal Historic and Renewable Energy Tax Credits. We partner with major U.S. corporations, banks and insurance companies and serve as managers to provide our clients with the following services:
Stonehenge has developed a set of investment characteristics to achieve fund investment objectives and underwriting standards to appropriately manage risks associated with federal Historic and Renewable Energy Tax Credit investments. Utilizing this predetermined set of investment characteristics and underwriting standards, we can quickly identify investment risks and mitigating factors to provide clients with a clear path to deploying capital.
For more information, please contact Whitney LaNasa.
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.
Stonehenge is the nation’s leading provider of transferable state tax credits, having monetized over $3 billion of tax credits. Since 1999, we have helped corporate and individual taxpayers manage their liabilities in over 33 states and across 62 different tax credit programs. Stonehenge underwrites and structures each transaction to ensure that the tax credits are generated in accordance with applicable laws and regulations, and we have never had a single tax credit recaptured.
Our clients include major U.S. corporations, banks, insurance companies, high net worth individuals, accounting firms and other taxpayers across all sectors of the economy. Through our broad experience and diverse offerings, Stonehenge can help you or your company manage your state income or insurance premium tax liability and drive significant savings through various state tax credit programs.
Stonehenge is active in tax credit programs across the United States including, but not limited to, Connecticut, Georgia, Louisiana, Ohio, South Carolina and Texas.
The Tax Cuts and Jobs Act of 2017 created Opportunity Zones, which are specially designated low-income areas that are ripe for investment and will provide investors tax benefits, including the potential to (1) defer capital gain tax until December 31, 2026; (2) reduce taxes owed by up to 15% after seven years; and (3) pay as little as zero taxes on appreciation of investments if held for ten or more years in the Opportunity Zone.
For more information, contact Richard Allen.
Our team is a nationally recognized leader in various tax credit and incentive programs. A few of our historic rehabilitation tax credit developments have been selected to share. These projects are examples of the catalytic transformations occurring across the United States made possible by tax credit and incentive programs designed to stimulate private capital investment and spur economic growth.
This historic rehabilitation of 1854 North restored the 2-story, 33,000 square foot Olinde Furniture Store in the Mid-City Cultural District in Baton Rouge, Louisiana. It was built in 1925 and operated as Olinde’s first furniture store in Baton Rouge until 2000. The building was put on the National Register of Historic Places in 2014. The building remained vacant for approximately 10 years until it was converted into the Corona Apartments containing 37 affordable housing apartment units. Amenities include on-site parking, 24-hour security, a multipurpose room, green space with a community garden and a 450 square foot covered outdoor pavilion. Much of the original exposed brickwork and industrial feel of the original building was retained using sustainable and green designs. The completed community achieved Enterprise Green Community Certification.
Stonehenge participated in the historic tax credit rehabilitation of the 3-story, 131,000 square foot former grist mill, saw mill and small textile in Greer, South Carolina. The mill was built in 1888 and is one of the first mills built in the Spartanburg area. It was listed on the National Register of Historic Places in 2015. Before closing in 2007, the mill produced cotton, sheeting and linen goods. The rehabilitation turned the mill into 97 one and two-bedroom loft apartments and is renamed Lofts by the Lake at Apalache Mill Apartments. Amenities include 189 parking spaces, an outdoor swimming pool, a dog park, fire pit, picnic and grill areas, a rooftop terrace, a fitness center, nature trails, and a park.
Stonehenge participated in the rehabilitation of the 3-story, 99,000 square foot BluePlate Building in Mid-City New Orleans, Louisiana. The building was listed on the National Register of Historic Places in 2008 and is located in a designatedLouisiana Cultural District. Built in 1941 as a food processing plant for BluePlate Food, Inc., it was expanded in 1947 and has received minimal alterations since this expansion. The Blue Plate building was the first building in New Orleans constructed in the sleekStreamline Moderne style. It is famous for its distinctive smooth, all-white exterior, flat roof, rounded glass-block windows, ribbon windows, and the iconic Blue Plate rooftop sign. The building was named for the Chinese BlueWillow china plate pattern. Innovative acid-proofing technologies were incorporated into the design and construction to preserve the building from the corrosive effects of the ingredients used in the food production process. The building has a basement. which is unusual in New Orleans. A medallion is located at the right of the building's entrance, commemorating the pattern and building name. The historic restoration of the Blue Plate Building was completed in 2012 and consists of 72 mixed-income loft-style apartments designed with a leasing preference for artists. Amenities include on-site, gated parking, a multipurpose room, gallery space for exhibitions, a roof deck, an outdoor patio, a soundproof music rehearsal room, a fitness center, a business center, a dog wash station, and local art.
Stonehenge partnered in the rehabilitation of the four-story old Dallas High School building, known as Crozier Tech, located in the Central Business District of Dallas, Texas. The building was originally constructed as a high school in 1907, expanded in 1911, and had been renovated over the years. Sitting vacant since the 1990s, the building was among the last abandoned buildings in the area that had not been renovated until its conversion into a state of the art, multi-tenant office building with 83,000 square feet of Class A office space and 10,000 square feet of retail space. Dallas High School was awarded LEED Silver status.
Stonehenge participated in the rehabilitation of the 23-story Hibernia National Bank building in the Upper Central Business District in New Orleans, Louisiana.Built in 1921, the bank acted as the headquarters of Hibernia National Bank. It was the tallest building in Louisiana at the time. Capital One acquired Hibernia in 2005 and continues to operate in the 14,000 square foot grand lobby as a bank branch; however, most employees with its corporate office moved to another location leaving the building mostly vacant in 2006. The historic rehabilitation of the Hibernia building in 2011 converted the upper floors into178 apartment units for moderate income and workforce-level workers with two floors of office space. A pool with a color changing light element, dining and lounge areas and barbecue grilling stations are located on the 15th floor. Other amenities include a community and entertainment room, which is available for rental, and a fitness center. The building stands out because of the illuminated cupola on top. It is illuminated in different colors for various holidays. When the building was built, the cupola served a more practical purpose as a navigational beacon for ships along the Mississippi River.
Stonehenge participated in the historic tax credit rehabilitation of the 16-story hotel inRichmond, Virginia. It opened in 1929 as the largest hotel in Virginia, with luxuries and modern conveniences of the time. In 1955, a major wing was added and later the 2-story atrium was closed to make a conference room. The hotel was closed in 1988, opened as a hotel in 1999, and closed again in 2004. The hotel was named in honor of John Marshall, the longest serving Chief Justice of the Supreme Court. The redevelopment and adaptive reuse of the historic landmark Hotel John Marshall consists of 241 Class A apartments with approximately 30,540 square feet of retail space and 22,384 square feet of meeting and banquet space. The entire building was renovated, and the closed atrium was re-opened. In addition, the Residences at the John Marshall are an eco-friendly adaptive reuse of the structure and achieved the Green Globes designation.
Stonehenge participated in in the historic rehabilitation of the 3 ½ story Aquidneck Mill with a 2.5-acre waterfront campus in Newport, Rhode Island. The Mill was originally built in 1831 for cotton manufacturing and contained spindles for weaving cotton into thread. It was expanded with a four-story addition. The mill closed in 1884 and went through a series of owners before IYRS purchased the property in 1995. The Aquideneck Mill was restored in 2008 and is listed on the National Register of Historic Places. It reopened as a home for 10private 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. This adaptive reuse earned the Doris DukeHistoric Preservation and the Outstanding Grow Smart Project Award.
Stonehenge partnered in the historic rehabilitation of the 12-story Old James Robertson hotel located at the edge of the lower Broadway District in downtown Nashville. Originally opened in 1929, the James Robertson building is the second-oldest hotel building in Nashville. While the property was converted to senior housing in 1976, the building has retained its original art deco style and flair, complete with the original marble or terrazzo flooring and high ceilings that characterize the grandeur of the 1920s. The building was converted into a 191-room full service, upscale, lifestyle hotel with meeting space, a business center, fitness center, lobby bar, outdoor rooftop pool, and bar space.
Stonehenge participated in the rehabilitation of the 3-story, 65,000 square foot McDonogh Elementary School originally built in 1910 in New Orleans, Louisiana. The school was later renamed Myrtle Banks after the civil rights activist and former principal of the school. The building is located in the Oretha CastleHale Cultural District. The Orleans Parish School Board closed the school in2002 due to low enrollment, and the building was later ravaged by fire in2008. Construction began in 2013 and was completed in 2014 with a Roof Topping Ceremony held at the building in June of2014. The first two floors are home to the 27,000 square foot Jack &Jake’s, a New Orleans-based food hub dedicated to bringing fresh, affordable food to underserved markets. The third floor is comprised of 9,300 square feet of office space, which is reserved for nonprofits and small businesses involved in creative industries. The Property also includes 10,000 square feet of green space and open space.
In 1926, the Ogilvie Building was built adjacent to a railroad spur and operated as a wholesale hardware business until 1999. The building was put on the National Register of Historic places in 1999. It remained vacant and abandoned until 2011 when it was converted into the Ogilvie Hardware Lofts, an affordable housing unit consisting of 90 loft-style apartments with amenities including a swimming pool, fitness center, business center, and play area. Large balconies overlook the pool and a terraced landscaped courtyard. The building is distinguished by its horizontal bands of steel windows with reinforced concrete, hollow tile and brick veneer. Ogilvie Hardware Lofts was the first historic mid-rise in the country to be awarded LEED Gold status.
This 7-story, 253,810 square foot building originally known as the Pizitz Department Store is located in downtown Birmingham, Alabama. It was built in 1923 and operated as the flagship department store until 1988 when it was sold to McRae’s. After sitting vacant for nearly 30 years, the building was reopened as a mixed-use development in December of 2016. The new development consists of 143 apartments, 21,000 square feet of retail space, 11,000 square feet of office space, a food hall and 13,000 square feet of co-working space. The historic building retains its Beaux Arts terra cotta façade, which was restored to its original condition using local craftspeople. The historic rehabilitation project allowed the building to retain its historic appearance, while being modernized on the inside. The Pizitz earned LEED Silver Certification.
Stonehenge participated in the historic tax credit rehabilitation of the 9-story, 122,000 square foot Pythian Temple in New Orleans, Louisiana. The Pythian was built by the Colored Knights of Pythias in 1909, and an additional floor was added in 1923. 1943, Higgins Industries leased the building for its hiring center. It was also the first place Louis Armstrong performed at 12 years old. It sat empty for many years following Hurricane Katrina. The Pythian was rehabilitated into a mixed-use development of 69 apartments including 1/3 of the units being workforce housing. Of the 69 units, 25 are permanently offered at lower rates. Commercial and retail space are also included. The apartments are targeted at middle-income workers in the CBD who do not qualify for discounted housing and cannot pay market rates. A community land trust model is in place so that the apartments will stay affordable for at least the next 50 years and can stay at that level for 99 years. The development also includes a food hall, a physical therapy clinic, a rooftop deck and the first bike wash in New Orleans. In 2015, the Federal National Register district was expanded to include this building. The project is also LEED certified.
Stonehenge participated in the rehabilitation of the 14-story Roosevelt Hotel in downtown New Orleans, Louisiana. It was built in 1893 and operated first as the Hotel Gruenwald, then as the Roosevelt and was renamed the Fairmont Hotel in the mid-1960’s. It closed in 2005 following Hurricane Katrina. The building is located in the New Orleans Lower Central Business District. Following the historic restoration, the Roosevelt returns to its name for the first time since 1965. The Roosevelt was originally one of the South’s finest hotels and the restoration has returned the hotel to its place as the premier luxury hotel in New Orleans. It is now a part of the prestigious Waldorf Astoria Collection. This landmark hotel consists of 504 elegant guest rooms, 135 of which are luxury suites, some of which are named for the celebrities who have visited the hotel. Amenities include a business center with 60,000 square feet of meeting and event space, including three ballrooms and 23 meeting and event rooms on two floors of the hotel, private dining and suite butler service, a spa, an outdoor pool and courtyard, a gift shop, restaurants and the famous Sazerac Bar.
Stonehenge participated in the rehabilitation of the two-story Saenger Theatre in New Orleans, Louisiana. It opened in 1927 as a 4,000-seat theatre, showing silent movies. The Saenger was designated a historic landmark by the New Orleans Landmark Commission and added to the National Register of Historic Places in 1977. The Theater was sold in 1978 and renovated into a performing arts center. Although the Saenger had been closed for a year before Hurricane Katrina, it suffered significant water damage during the hurricane in 2005, particularly in the basement which housed electrical and mechanical systems. In 2009 it was announced that the Saenger would be restored to its original state. In December of 2011, agreements to renovate the Saenger were finalized and its doors reopened in September of 2013. The Saenger was restored with as much historical accuracy as possible to maintain its 1927 look. Following the renovation, the Saenger is the most technically advanced theatre in the South.
Stonehenge participated in the historic rehabilitation of the 21-story Standard Building located in Downtown Cleveland. The building was originally built for a prominent bank in the 1920s, and, at the time of completion, was the second tallest building in Cleveland. In 1979, the building was designated a Cleveland Landmark and is part of the Euclid Avenue Historic District. The property was utilized as Class B office space until being converted into 285 market-rate, luxury residential units and 10,000 square feet of retail suites.
Since 1999, Stonehenge Capital has operated at the nexus of finance and community development. We are deliberate in our actions to make both a financial and social impact. We know how private capital can transform underserved communities and help operating businesses grow, and we work with clients and investors to generate double bottom line returns. With fresh thinking that leads to better returns, Stonehenge is not the same old style of investment firm, but something else entirely. Some call it transformational capital. We call it the right way to do business.
Stonehenge is a thought leader in investment capital, producing strong returns for investors and impactful social returns for communities. We do this by fostering collaboration among our team of seasoned and talented professionals who leverage two decades of expertise and relationships to provide innovative financing solutions where they are most needed, delivering a variety of debt and equity financings to spur economic growth across the country.