Category Archives: tax credits

Holidays 2009: Distressed Asset Investment Letter

Dear Friends:

With year-end traditionally being a time to slow down and reflect, this post is intended to be a review of the past year, and a prognosis of sorts for what the transactional deal marketplace may show us in 2010.

However, slowing down and reflecting on this year only gives me that post-roller coaster sickness feeling. This was one of the most challenging years in business for most of us. Although it ended up being a positive year from a business standpoint, it required a wholesale reinvention of what we do, as most of our business models were affected by many polar opposite, sometimes unintended and varied influences that converged in a dizzying array of confusion. It was humorous to read that many prognosticators declared that the end of the recession was near, or even that the recession was behind us, because, contrary to the statistical reports showing declines in unemployment figures and upticks in consumer confidence, in reality the fundamental problems that grounded the economy in 2007 are not significantly different from those prevalent now. Other than runaway bank profits and the gilded age of Wall Street bonuses, our world is now as it has been for the past 2 years. We have made forward progress, but what the economic landscape has in store for us in 2010 will prove to be a mixing pot of small explosions that together will concoct a distressed asset stew full of nutritional values that we may only be able to sample if we have the coupons. Well, friends, we are the manufacturer of those coupons.

Let me try and catch you up on all that has happened in this busy year! Continue reading


Preserving Affordable Housing


The Boston Globe, on November 26, 2009 reported that Governor Deval Patrick had signed into law a recently enacted statute dubbed the “expiring use” bill.  This new law will have the effect of preserving as affordable, thousands of units of housing in Massachusetts intended to be used by low-income residents.  In a November 30, 2009 press release announcing the new law, the Patrick Administration stated that the bill “creates a regulatory framework to keep affordable rents in properties where long-term publicly subsidized mortgages are paid off and affordability restrictions can then expire.”  The press release also claims that as many as 90,000 housing units in Massachusetts could be affected by expiring affordability restrictions, with about 17,000″ of those units at risk of losing their affordability through expiring use over the next three years.”  These numbers are simply staggering, so, understandably, this new law, if it does what they say it does, could be a very significant arrow in our quiver of affordable housing preservation tools, and may even present distressed asset investment opportunities. Continue reading

Transactions with Elements of Environmental Remediation To Become More Prevalent

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:



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

Warren A. Kirshenbaum,    Esq. 

Cherrytree Group, LLC

● 160 Gould Street, Needham, Massachusetts 02494-2300 ● Tel: 781-239-8900 ● Fax: 781-239-8909 ● WEB: ● BLOG: