REAL ESTATE FINANCING
- Project Sponsor: ReArch Company, LLC
- Investment: $9.38 million
- Location: St. Albans
- New construction, downtown office building
Vermont Rural Ventures partnered with US Bancorp Community Development Corporation, to provide a total of $12.3 million of NMTC authority to construct a four-story office building in downtown St. Albans. The redeveloped site is a fully fit-up, Class A office space, leased to the State of Vermont’s Agency of Human Services and Department of Labor.
Gap and Investment
The high costs to redevelop on a tight lot in downtown St. Albans led to the use of $9.38 million of Vermont Rural Ventures NMTC allocation to fill the development budget gap and provide low cost permanent financing.
This project, as part of a major downtown revitalization planning effort, will revive a blighted area, remediate contamination issues, and stabilize the downtown.
The relocation of 165 State of Vermont employees into the immediate downtown core invigorates and stabilizes downtown service and restaurant businesses. This project also facilitates the preservation and expansion of a nearby pharmaceutical manufacturing operation, who will purchase the old state building and expand by at least 100 new jobs.
New multimillion-dollar projects are on the horizon in downtown St. Albans as a result of this project.
Vermont Rural Ventures: Beth Boutin, Nancy Owens, and Glenn Von Bernewitz
Developer: ReArch Company, LLC
Legal: Leverage Law Group, LLC, Nolan Sheehan Patten LLP, Nixon Peabody LLP, Paul Frank + Collins P.C., Downs Rachlin Martin PLLC
Accounting: CohnReznick LLP
Architect: Vermont Integrated Architecture
Contractor: ReArch Company, LLC
US Bancorp Community Development Corporation
Vermont Economic Development Authority