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Winthrop & Weinstine Secures Historic Tax Credits in Schmidt Brewery Project
Attorney John Nolde Represents Dominium Development and Acquisition, LLC in Historic Tax Credits Transaction

MINNEAPOLIS, MN – November 19, 2012.   Winthrop & Weinstine, P.A. announced today that it was successful in closing a multi-million dollar transaction involving the former Schmidt Brewery site in St. Paul.  Attorney John D. Nolde handled the historic tax credits involved with the project, on behalf of Dominium Development and Acquisition, LLC, a leading apartment development and management company located in Plymouth, Minnesota.

This transaction represents a major investment in the city of St. Paul.  The project consists of the historic rehabilitation of the old Schmidt Brewery on West Seventh Street in the buildings commonly known as the Bottle House and the Brew House.  The two buildings will be rehabilitated to provide 247 new units of affordable housing.  In addition, 13 new units will also be constructed.

Over $69,300,000 million in tax-exempt bonds were issued by the Housing and Redevelopment Authority of the City of St. Paul for the project.  Alliant Capital partnered with Dominium by providing $50,000,000 in combined historic and low-income tax credit equity.  U.S. Bank National Association and Massachusetts Mutual Life Insurance Company provided the debt financing by directly purchasing the bonds.  Enhanced Historic Credit Partners also partnered with Dominium as the investor related to the state historic tax credits.  In excess of $4,200,000 of environmental grant funds were contributed by the city of St. Paul, originating from Ramsey County, the Metropolitan Council and the Department of Employment and Economic Development.  Furthermore, the project will be eligible for approximately $22 million in Minnesota state historic tax credits.   

Mr. Nolde, a shareholder at Winthrop & Weinstine, is a member of the Real Estate and Construction Law practice groups.  He has extensive experience in the areas of real estate, low-income housing tax credits, and tax-exempt bonds financings.   

About Winthrop & Weinstine, P.A.
Winthrop & Weinstine is a dynamic corporate business and commercial litigation law firm focused on building strong client relationships through shared values and commitment to excellence. A "Top 10 Law Firm" in Minnesota, with more than 100 attorneys in over 25 practice areas, the firm's clients experience responsive, service-driven attorneys who passionately champion client issues, using innovation rather than outmoded tradition and creativity rather than standard formulas. The firm enjoys steady growth by meeting the diverse needs of its clients from individuals and emerging-growth businesses to Fortune 500 companies in an impressive array of industries throughout Minnesota, nationally and internationally.
For More Information
Deb Cochran
Direct: (612) 604-6688
Winthrop & Weinstine Secures Historic Tax Credits in Schmidt Brewery Project
 
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