Monarch Private Capital and The Sherbert Group have made an investment in the Rock Hill, South Carolina-based Lowenstein Building. No financial terms were disclosed. The Lowenstein Building is one of the last remaining structures of a textile plant that operated from 1929 to 1998.
ATLANTA–(BUSINESS WIRE)–Monarch Private Capital (“Monarch”) and The Sherbert Group (“Sherbert”), through their joint venture, The Moxie Investment Funds (“Moxie”), are pleased to announce the closing of an equity investment in the Lowenstein Building located in Rock Hill, South Carolina. Moxie provided equity and tax credit bridge financing for the Lowenstein Building transaction which will generate federal historic tax credits in addition to South Carolina historic tax credits and textile mill credits.
The rehabilitation of the Lowenstein Building is a part of the 23-acre Bleachery Site located in Rock Hill, South Carolina. The 5-story Lowenstein Building, built in stages in 1939 and 1954, is one of the last remaining structures from the original textile plant, which operated from 1929 to 1998. The Lowenstein Building is part of Rock Hill, South Carolina’s University Center at Knowledge Park (“The Park”), a $200 million mixed-use development. After renovations, the Lowenstein Building will consist of approximately 225,000 square feet of Class “A” office space. Plans also include an upscale restaurant, and a potential multi-purpose venue to attract various indoor sporting events. The Park will provide a walkable live-work-play environment where offices are surrounded by dining, entertainment, shopping, and housing. The Lowenstein Building is the first of several phases of redevelopment that will take place within Knowledge Park and in which Moxie will be involved.
Moxie is a full-service historic rehabilitation investment fund focused on investing in strong development teams and projects in well-established markets by providing federal and state tax credit equity and bridge loan financing. Moxie was formed as a partnership between Monarch, a leading tax credit investor/syndicator and Sherbert, a premier provider of accounting, tax, consulting, architectural, development and management services to the real estate tax credit industry. Moxie and its partners are uniquely positioned to assist developers with a wide array of service offerings on projects located throughout the U.S.
Tara Sherbert, Co-CEO and Managing Director of Sherbert Group said, “We are so pleased to be part of this pivotal and visionary master redevelopment. This is a prime example of private and public capital and efforts coming together to make great things happen”
Robin Delmer, Co-CEO and Managing Director of Acquisitions for MPC said “Monarch, Sherbert and Moxie are excited to play a part in the transformation of the City of Rock Hill and Knowledge Park. The impact of this project and the value to the surrounding community is significant and good for all.”
For more information about MPC’s programs and services, please contact Rick Chukas at (615) 373-5155. Additional information is also available by visiting www.monarchprivate.com and www.sherbertgroup.com.