As developers continue to realize that developable land is fast becoming a scare commodity, it will become more necessary to re-develop sites once home to industries that have long been dormant in our current economy, such as cotton mills, tanneries, leather producers, metal finishing, storage and smelting plants, rope manufacturers, and textile mills, to name a few. Accordingly, environmental remediation will become a more necessary and crucial development consideration.
Accordingly, I would like to highland one of our recent transactions:
ANNOUNCEMENT OF SUCCESSFUL TAX CREDIT AWARD AND SYNDICATION
Needham, Massachusetts, October 26, 2009
Warren A. Kirshenbaum, Esq. and the Cherrytree Group, LLC are pleased to announce their successful representation of two (2) Massachusetts Realty Trusts for whom they secured a large tax credit award of 2009 Massachusetts Brownfields Tax Credits (the “Tax Credits”), and then facilitated and closed on the sale of these Tax Credits to a Tax Credit Syndicator.
Brownfields Tax Credits are issued by the Commonwealth of Massachusetts to developers who have successfully remediated environmentally contaminated sites. The tax credits are issued as a percentage of the developer’s costs incurred in the environmental cleanup of the site. We congratulate our clients for their successful remediation and development of these environmentally damaged sites, located in important development areas in the Commonwealth of Massachusetts.
If you have any questions about commercial real estate, development financing, or tax credit transactions, please feel free to contact Warren directly at 781-239-8900 or wkirshenbaum@oarlawyers.com.
Warren A. Kirshenbaum, Esq.
Cherrytree Group, LLC
● 160 Gould Street, Needham, Massachusetts 02494-2300 ● Tel: 781-239-8900 ● Fax: 781-239-8909 ● WEB: www.oarlawyers.com ● BLOG: http://distressedassets.wordpress.com
