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New Markets Tax Credits

Helping to Close Real Estate Transactions

The New Markets Tax Credit (NMTC) is among the most flexible of federal credits and consequently has generated some of the most complex tax credit transactions we’ve structured. We love a challenge and are proud to have helped our clients close the first NMTC transactions in Minnesota. In the 50 or so NMTC transactions to date, we have represented developers, allocators, investors and lenders in projects ranging from office space, hotels, theatre and retail space to manufacturing and housing.
 
The most interesting of these include:
 
Global Marketplace
Minneapolis, MN
$17.1M QEI
  • Unique indoor international marketplace housing 60+ permanent food and craft vendors
  • Complex financing created to accommodate 28 sources of financing for nonprofit sponsors, including private donations, commercial loans, governmental loans and subsidies, EQ2 loans, and HTC equity.
 
Midtown Exchange Commons/Sheraton Hotel
Minneapolis, MN
$74M combined QEI
  • $100M portion of the largest redevelopment project in Minnesota history at approximately $200M overall.
  • Presented planning challenge to close 6 independent NMTC transactions involving 5 allocatees, which allocations were committed piece by piece throughout the process.
 
University Enterprise Laboratories
St. Paul, MN
$17.5M QEI
  • Existing office space converted to biotech incubator site affiliated with the University of Minnesota.
  • Leveraged NMTC structure using variable-rate credit-enhanced bonds, a municipal guarantee, private donations, and nonprofit sponsorship.

Professionals

Name

Phone

Email

Jacob R. Bean
Attorney 
p  (612) 604-6498 
f   (612) 604-6998 
James W. Dierking
Attorney 
p  (612) 604-6651 
f   (612) 604-6851 
Jeffrey S. Drennan
Attorney 
p  (612) 604-6730 
f   (612) 604-6830 
Jon J. Hoganson
Attorney 
p  (612) 604-6745 
f   (612) 604-6845 
Scott D. Jahnke
Attorney 
p  (612) 604-6497 
f   (612) 604-6898 
Norman L. Jones III
Attorney 
p  (612) 604-6605 
f   (612) 604-6905 
Jeffrey J. Koerselman
Attorney 
p  (612) 604-6702 
f   (612) 604-6802 
Jon L. Peterson
Attorney 
p  (612) 604-6736 
f   (612) 604-6936 
Brett D. Siglin
Attorney 
p  (612) 604-6476 
f   (612) 604-6876 
Holly A. Stocker
Attorney 
p  (612) 604-6490 
f   (612) 604-6990 
 
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