Schnader Lawyers Secure Financing for Harlem Arts and Culture CenterOn October 26, 2011 by Schnader in Finance
A team of Schnader lawyers recently represented developer Full Spectrum of NY, LLC and its partner, My Image Studios Inc., in the closing of a $21 million New Markets Tax Credit loan financing to begin construction on a 20,000 square foot African and Hispanic arts and culture center in New York. After a multi-month effort, BRP Community Development agreed to allocate $21 million in New Market Tax Credits to build the center, which will be located on the ground-floor retail space at the Kalahari Condominium, a 249-unit affordable housing development at 40 West 116th Street, between Lenox and Fifth Avenues. New Market Tax Credits are designed to stimulate private investment in distressed urban and rural areas. The multi-office team was led by Michael E. Hatchett and Walter B. Ferst, and included Adam F. Kelson, Jonathan R. Flora, Kevin S. Blanton, Emma H.C. Lee and Allan D. Goodridge.
Media coverage of the closing was mentioned by Crain’s New York Business.