New Uses for Four Fire Stations

(Fort Point Consulting, Architect and Project Manager)

New Uses for Four Fire Stations is a comprehensive study done for the City of Springfield, Massachusetts in the spring of 2014. The study is part of the City's effort to find qualified buyers for these beautiful historic buildings. It uses Fort Point's well-regarded holistic methodology which incorporates code, zoning, historic, construction, proforma, market, and financing inputs. The result is a "words/numbers/pictures" analysis of numerous potential development options.

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PROJECT FINANCINGS

( managed by Fort Point Consulting, Inc. or its principal )


Construction Financing


Sales of Historic Tax Credits


$47,000,000 Construction loan, Chase Manhattan Bank, 149 at the Navy Yard (Congress Group) $11,000,000 Sale of federal credits to Lincoln Life, 149 at the Navy Yard (Congress Group)
$52,200,000 Construction loan, Chase Manhattan Bank, The Boott Mills (Congress Group) $9,000,000 Sale of historic tax credits to Mission First Financial Corporation, The Boott Mills (Congress Group Properties)
$12,000,000 Construction loan, Key Bank, 55 Thomson Street (Cathartes Investments) $830,000 Sale Missouri historic credits to USBank Community Development Corporation, 523 Grand Lofts (Congress Group Properties)
$4,340,000 Construction and bridge loan, USBank, 523 Grand Lofts (Fort Point Consulting) $791,000 Sale of federal historic tax credits to USBank Community Development Corporation, 523 Grand Lofts (Fort PointConsulting)
$4,000,000 Construction loan, BankBoston, 437 D Street (Cathartes Investments)

Sales of Entitled/Completed Projects


$1,890,000 Construction loan, Winter Hill Bank, Inkspot Studios (Fort Point Consulting) $85,000,000 Sale of 149 and 199 at the Navy Yard to Navy Yard Biotechnical Research Associates (Congress Group)
$400,000 Construction loan, The Mutual Bank, Mixit Studios (Fort Point Consulting) $15,000,000 Sale of 44 Stillings Street to TMW Real Estate Group, includes sale of 10% federal “non-historic” tax credits (Cathartes Investments)
$2,740,000 Permanent financing, USBank, 523 Grand Lofts (Fort Point Consulting) $2,700,000 Sale of cooperative units, Inkspot Studios (Fort Point Consulting))
$1,400,000 Permanent financing, Wainwright Bank, Inkspot Studios (Fort Point Consulting) $5,200,000 Sale of condominium units, 523 Grand (Fort Point Consulting)
$600,000 Permanent financing, National Cooperative Bank, Mixit Studios (Fort Point Consulting)    
$10,000,000 MIFA “low-floater” tax exempt bonds, 199 at the Navy Yard (Congress Group)