Project Portfolio

Commodore Maury Norfolk, VA Project Location: 345 Granby Street, Norfolk, VA Developer: Norfolk Property Development 2009 Federal Credits: $4.5MM 2009 Virginia Credits: $5.6MM Federal and Historic Investor: Foss and Company Funds

In 2007 Norfolk Property Development (“NPD”) approached Foss and Company regarding the historic rehab of the Commodore Maury Hotel in Norfolk, VA. They had recently purchased the 7-story hotel with the intention of converting it to commercial office space and were working with a lender on construction and permanent financing. The lender was demanding a significant amount of equity to the project upon closing which NPD could not provide. Seeking to help the developers, one of the Foss & Company Funds was able to contribute 65% of its capital at closing; in addition, we were able to convince the bank to view the remaining capital contributions from the Foss & Company Funds as owner’s equity. The combination of these actions allowed the bank to become comfortable with the project and it allowed NPD to close on favorable terms for construction and permanent financing.

San Telmo Cigar Factory Detroit, MI Project Location: 5716 Michigan, Detroit, MI Developer: SouthWest Housing Solutions Federal Historic Tax Credit: $811,172 State Historic Tax Credit: $1,889,726 Brownfield Tax Credit: $1,282,329

Formerly an old Cigar Factory designed by architect Albert Kahn, the building will be revitalized and updated into an $11 million integrated health care center that will provide primary medical, pediatric, obstetric, dental, psychiatric and behavioral counseling services to 7,000 individuals and families annually. SouthWest Housing Solutions is a Detroit non-profit organization that incorporates real estate acquisition and development, provides and manages below market housing and engages in professional family counseling activities. Using various grants, Federal and State Historic Tax Credits and New Market Tax Credits, SouthWest Housing was able to obtain the necessary funding to develop its new Detroit facility. Construction on the building will begin be the end of 2010.

	IKEA Site Tampa, Fl Developer: Panattoni Investments, LLC Florida Voluntary Cleanup Tax Credits: $843,124 Tax Credit Equity Raised: $698,940

A 30-acre industrial parcel was designated as a Brownfields Rehabilitation site and awarded Voluntary Cleanup Tax Credits. Prior activity on the site included canning and bottling, auto parts recycling, and newspaper production. A new IKEA store was constructed and opened on the rehabilitated site in May, 2009, creating 500 jobs during development and 400 permanent jobs when the store opened. The project received the 2010 Environmental Stewardship Award.

257 Lafayette Street Buffalo, NY Developer: The Frizlen Group Federal Historic Rehabilitation Tax Credits: $593,950 Federal Energy Tax Credits: $68,506 New York State Historic Rehabilitation Tax Credits: $100,000 Tax Credit Equity Raised: $609,451

The adaptive re-use of a three-story, 35,000-square foot former school built in 1928 was funded by tax credits. The building was awarded historic landmark status, making the project eligible for both New York State and Federal Historic Rehabilitation Tax Credits. The building’s roof was outfitted with 31.5 KW of photovoltaic panels which generated Federal Energy Tax Credits. The energy-efficient, rehabilitated building now includes 20 apartments, 7,000 square feet of office space and a daycare center.