Cherrytree Group secures $433,246 tax credit for historic brick clubhouse
The Cherrytree Group, a tax credit broker, syndicator and consulting firm, recently secured a federal historic tax credit of nearly a half million dollars in connection with the restoration of an historical building.
The Cherrytree Group acted as a consultant assisting in the closing of a Federal Historic Tax Credit Transaction. The credit was obtained in conjunction with the restoration of a historically significant two and a half story brick club house within the Quality Hill Historic Preservation district. The building is considered "an exceptional, monumental and well-preserved example of the Georgian Revival Style." The original interior plan remained mostly intact; and the restoration was designed to preserve the historical integrity of the property.
The total cost of restoration was $2,166,232.90; and the value of the federal historic tax credit was $433,246.58.
Warren Kirshenbaum, president of Cherrytree Group, said, "Many developers are unaware of the prevalence of tax credits for historic rehabilitation, environmental remediation, and other areas that can make a significant difference in the bottom line cost of the project." He added, "There are credits available both at the federal and the state level, and they can be quite sizeable."
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