Complex Transaction Expands Downtown Bridgeport’s Renaissance
Downtown Bridgeport’s Renaissance Continues
An interdisciplinary team of our Government Finance and Real Estate attorneys represented Forstone Capital in the renovation of McLevy Square, a four building, half-acre, historic site located in the heart of downtown Bridgeport overlooking McLevy Green, the city’s downtown public green space. This complex transaction, completed in May of 2016, was financed with the sale of federal and state historic tax credits; a construction/term loan from a bank; an affordable housing loan from the State Department of Housing; and a Brownfields loan from the State Department of Economic and Community Development. The completion of the project required a team effort to close the tax credit transactions, secure state financing for the project, complete the construction loan, negotiate the construction contract, provide advice regarding sales tax exemption for historic rehabilitation work, and finalize all local approvals for the project with the city.
The rehabilitation project transforms this once iconic block into a vibrant, mixed-use complex adding 32 apartment units, a German beer hall, a premier comedy club venue and a commercial/restaurant space. The three new commercial uses will create a much- needed regional draw to the area, and will add approximately 60 to 85 new employees to the downtown workforce