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 an additional office tenant. The new Brooks House impressively welcomes residents and visitors alike with its modern amenities alongside its historical façade. Mesabi, LLC, is comprised of 5 individual civic leaders —Craig Miskovich, Bob Stevens, Ben Taggard, Drew Richards, and Peter Richards—all of whom reside and/or grew up in Brattleboro and are active within their community.

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 multi-layered financing package of New Market Tax Credits, federal and state tax credits, private investors, grants, state and local funds, and traditional debt was necessary.

Project TypeReal Estate Financing
Project SponsorMesabi LLC
NMTC Investment$11.7 million
Short descriptionDowntown, mixed-use historic building
Team: DeveloperMesabi LLC
Team: LegalNolan, Sheehan and Patten LLPDowns Rachlin Martin PLLCNixon Peabody LLPHusch Blackwell LLP
Team: AccountingStevens & Associates, P.C.
Team: Construction ManagerBread Loaf Corporation
Team: Development ConsultantJeffry Glassberg
Financing PartnersMassachusetts Housing, Investment Corporation (MHIC), U.S. Bancorp Community Development Corporation, Mascoma Savings Bank, Bank of New Hampshire, Brattleboro Savings and Loan, Vermont Economic Development Authority, Brattleboro Development Corporation, Town of Brattleboro, Vermont Community Development Program, Individual investors, Merchants Bank, Vermont Mutual