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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.

Stonehenge provides incentive-based capital solutions to support the financing needs of Real EstateDevelopers whose projects have or will generate real estate-based tax credits through historic and similar rehabilitations.

Stonehenge Capital’s Tax CreditServices 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 removes all tax credit marketing and placement risk from Real Estate Developers and provides certainty with respect to both the value of the tax credits and the timing of the investment. Through the creation and management of single and multi-investor funds with major U.S. corporations, banks, insurance companies and individuals, Stonehenge possesses a structured mechanism to invest in projects that have or 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 closed 185-real estate-based tax credit transactions in 14 states, generating $855 million in tax credits. The real estate-based tax credits financed 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 ofAmerican cities from coast to coast. These investors have been identified, yet again removing marketing and placements risk from 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 and offer Real Estate Developers a single historic tax credit financing solution from truly committed capital sources.

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.

For more information please contact Whitney LaNasa or Steven LeBlanc.

The Tax Credit Services teammanages Stonehenge’s state transferable film & entertainment creditinvestments. Since [2002], Stonehenge has monetized over $1 billion of film,television, and digital animation tax credits in 12 different states, makingStonehenge a trusted partner in the film tax credit marketplace.

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, this provides 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 remove the tax credit marketing and placement risk from the tax credit awardee. By acting as much more than a tax credit broker, this provides 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. 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, Grow New Jersey, Connecticut Urban and Industrial Revitalization, and Iowa renewable energy.

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:  

  • originate & evaluate investment opportunities,
  • conduct site visits,
  • structure & underwrite transactions,
  • close transactions,
  • provide asset management services,
  • collect and prepare investment & tax reporting, and
  • manage the asset disposition process.

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 these pre-determined 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, disallowed or forfeited. Our state 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, Georgia film, Texas historic rehabilitation, and Connecticut digital media.

For more information, contact Anna Kathryn Barber or Taylor Mayeux.

Tax Credit Services

Portfolio

This portfolio is currently under construction.
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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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1854 North

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1854 North
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800 Magazine

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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800 Magazine

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800 Magazine
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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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Audubon Hotel

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Audubon 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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Blueplate

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Blueplate
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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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Bywater

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Bywater
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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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Capital One Building / Associated Grocer

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Capital One Building / Associated Grocer
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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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Civic Theater

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Civic Theater
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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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Hibernia Bank Building

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Hibernia Bank Building
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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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Hotel John Marshall

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Hotel John Marshall
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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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IYRS

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IYRS
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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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Joy Theater

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Joy Theater
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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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LTV Tower

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LTV Tower
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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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Myrtle Banks

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Myrtle Banks
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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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Ogilvie Building

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Ogilvie Building
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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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Pere Marquette

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Pere Marquette
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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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Pizitz

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Pizitz
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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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Plant 64

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Plant 64
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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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Riverwalk

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Riverwalk
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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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Roosevelt Hotel

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Roosevelt Hotel
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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.

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Saenger Theatre

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Saenger Theatre
Tax Credit Services

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