The American Tobacco campus was established in the late 1800's by Duke and Sons. The facility was used for manufacturing tobacco products.
Capitol Broadcasting Company purchased the property and began what has turned into a $92 million rehabilitation of the project. The facility is a mixed use property made up of retail, office and residential space.
The rehabilitation project has received numerous awards including "Best Mixed Use Development", "Best Redevelopment Project", and "Best Renovated Commercial Property", as seen on the property's website: www.americantobaccohistoricdistrict.com.
The project was financed with a construction to permanent loan, Historic Rehabilitation Tax Credits (HRTC) and New Markets Tax Credits (NMTC). The project was put into a lease-pass through structure to maximize the benefits of both the HRTC and NMTC credits to the investor. Sherbert Group assisted the developer with their accounting, made sure the investors and lenders were provided the required financial reports, and prepared cost certifications and audits for the entities in the project. Sherbert Group is now helping Capital Broadcasting to structure and finance the next phase of the project - the American Campus Power Plant.
