The Paper Lofts is a $28 million historic rehabilitation of the Mead Building in St. Joseph , Missouri .  Foutch Brothers (www.foutchbros.com) has undertaken the development of this former paper products manufacturing facility, which will ultimately become a mixed-use project consisting of 180 residential units, corporate hotel units, office/retail space, and parking.  Scheduled for completion in 2010, it is a multi-phase development which will generate approximately $5 million in federal Historic Rehabilitation Tax Credits as well as more than $6 million in Missouri Historic Rehabilitation Tax Credits.  The project is also making use of debt enhanced by New Markets Tax Credit equity.

  
The multi-phase and multi-credit nature of the project presented significant complexities in forming an appropriate structure to fund the development.  Sherbert Group was brought on to forge this structure through negotiation with the investor, to produce financial projections for the reference of all parties, and to push the deal to the closing table.  As the project is currently under development, Sherbert Group is and will be monitoring development accounting, producing cost certifications, producing year-end audits, and tax returns.
 

Steve Foutch, co-owner of Foutch Brothers, has been pleased with Sherbert Group's service.  "They streamlined what would have been a greatly complicated closing process, and I continue to be impressed with their efficiency and professionalism as the project continues".?