Impact

Construction of this building and remediation of site contamination issues was a key part of the City of Barre’s master downtown redevelopment plan. The Barre City Place project now brings in over 295 new people daily into the city’s downtown—invigorating downtown service and restaurant businesses. In fact, where several new retail businesses in neighboring properties have opened, once-vacant storefronts are now filling up quickly and new multimillion-dollar projects are on the horizon in downtown Barre. The ERV investment also facilitated beneficial terms to attract and retain a local restaurateur to its downtown space.

Gap and Investment

This $14.8 million downtown redevelopment project appraised at $11.1 million, leaving a significant gap for the developer to close. ERV, along with partner, Massachusetts Housing Investment Corporation, brought in New Markets Tax Credit equity to close the gap, carrying the project to fruition.

Project TypeReal Estate Financing
Project SponsorDEW Properties, LLC
NMTC Investment$10.25 million
Short descriptionNew Construciton, downtown office building
Team: DeveloperDEW Properties, LLC
Team: LegalNolan Sheehan Patten LLP, Gravel & Shea PC, Edwards Wildman Palmer LLP, Nixon Peabody LLP, Husch Blackwell LLP
Team: AccountingCohnReznick LLP
Team: ArchitectBanwell Architects
Team: ContractorDEW Construction Corporation
Financing PartnersUS Bancorp Community Development Corporation, Massachusetts Housing Investment Corporation, Mascoma Savings Bank, Vermont Economic Development Authority