Blank Rome Represents $40M Historic Rehabilitation Tax Credit Investment for Heinz
Blank Rome is pleased to announce the closing of the Heinz Service Building, a $40 million federal historic rehabilitation tax credit-advantaged investment, located in Pittsburgh, PA. The substantial rehabilitation of this historic landmark will be the largest development, thus far, for H.J. Heinz Company’s historic complex, converting the former Heinz Service and Auditorium Building into 151 market-rate, loft-style apartments. The Heinz Service Building will include micro one-bedroom, one-bedroom, and two-bedroom units. With a declining unemployment rate and an increasing population, Heinz is set to strengthen the multifamily development boom with its central location to transportation throughways and popular amenities like Heinz Hall, Market Square, and Point State Park.
The Heinz Service and Auditorium Building was built in the Romanesque Revival style, designed by Albert Kahn and constructed in 1930 by the George A. Fuller Company. The building originally provided Heinz employees with recreation and convention spaces, classrooms, and restaurants, as well as a home economics department that hosted lectures on food preparation and nutrition.
Washington, D.C.-based tax credit syndicator, National Trust Community Investment Corporation, led the underwriting and will provide asset management services for the project. MCM Company, Inc., the project’s developer based in Cleveland, OH, specializes in historic tax credit-advantaged projects throughout the Midwest, and assembled the entire project team including investors, lenders, and equity partners.
The Blank Rome closing team was led by Scott DeMartino and included Dustin Lauermann, Steven Dinolfo, and Margaret Anne Hill and Michael Montalbano.