Gerding Edlen to be Honored with Novogradac Historic Rehabilitation Award
Aug 18, 2015
Gerding Edlen received honorable mention for the 2015 Novogradac Journal of Tax Credits Historic Rehabilitation Awards. The awards recognize development teams for excellence in the creative use of the historic tax credit (HTC) and winners will be honored Sept. 17 at the Novogradac Historic Tax Credit Conference in San Antonio.
Gerding Edlen was recognized in the Historic Development that Best Demonstrates Financial Innovation category for its development of the Arlene and Harold Schnitzer Center for Art and Design in Portland, Ore. Gerding Edlen and the Pacific Northwest College of Art (PNCA) rehabilitated a 1910 historic post office building into the college’s new main campus building. The 135,000-square-foot structure is expected to achieve LEED Platinum certification. It includes new classrooms, a library, theater, studio space, administrative offices and student commons. Funding sources include HTC equity from East West Bank, a Portland Development Commission Predevelopment Grant, PNCA capital campaign, a Meyer Memorial Trust program related investment loan, a Portland Development Commission permanent loan, Oregon new markets tax credit (NMTC) equity from Wells Fargo and federal NMTC equity from Chase.
“Congratulations to the award recipients,” said Owen Gray, CPA, conference chairman and partner in Novogradac’s San Francisco office. “Each one exemplifies how the historic tax credit can transform blighted or endangered buildings into thriving community assets.”
Full descriptions of the developments recognized with Novogradac Journal of Tax Credits Historic Rehabilitation Awards are available at www.novoco.com/awards/historic.
Read the full press release here.