- Project Sponsor: Mesabi LLC, is comprised of 5 individual civic leaders, all of whom reside and/or grew up in Brattleboro and are active within their community
- Investment: $23.4 million
- Location: Brattleboro
- 80,000 square foot historic building, downtown revitalization
Vermont Rural Ventures partnered with the Massachusetts Housing Investment Corporation, to provide $23.4 million in New Markets Tax Credit authority to redevelop and restore the historic circa 1871 Brooks House, a mixed-use commercial building located in the heart of Brattleboro’s downtown.
Gap and Investment
Creating complexity in the $23 million redevelopment of the Brooks House was that the building appraised as-stabilized value of $5.8 million was $17.2 million short of the amount required for its rehabilitation. The results were tight constraints in the borrowing capabilities of the project and a significant gap in the financing structure. To close the gap, a complex, multi-layered financing package of federal and state tax credits, private investors, grants, state and local funds, and traditional debt was necessary.
Vacant as a result of a fire in 2011, the reinstated 80,000 square foot Brooks House revitalizes the downtown as it brings in over 350 students and faculty through anchor tenants Vermont Technical College and Community College of Vermont, residents from 23 mixed income apartments, retail and restaurant customers through the five ground floor commercial retail tenants and up to three restaurateurs, and employees through the one additional office tenant. The new Brooks House impressively welcomes residents and visitors alike with its modern amenities alongside its historical façade.
Vermont Rural Ventures: Beth Boutin and Glenn Von Bernewitz
Developer: Mesabi LLC
Architect: Stevens & Associates, PC
Legal: Nolan Sheehan and Patten LLP; Downs Rachlin Martin PLLC; Nixon Peabody LLP; Husch Blackwell LLP
Accounting: CohnReznick LLP
Construction Manager: Bread Loaf Corporation
Devlopment Consultant: Jeffry Glassberg
Massachusetts Housing Investment Corporation (MHIC)
U.S. Bancorp Community Development Corporation
Mascoma Savings Bank
Brattleboro Savings and Loan
Vermont Economic Development Authority
Brattleboro Development Corporation
Town of Brattleboro
Vermont Community Development Program
16 individual investors