The Background
With Freed Maxick, Common Bond found a strong partner to help navigate tax credit development, so it could focus on what mattered most:
making the development a success.
The Freed Maxick solution
When the success of a big project
relied on proving its value and validity, Common Bond Real Estate needed a skilled accounting firm to advise and advocate on its behalf.
The oVERVIEW
Freed worked with Common Bond from the beginning to structure the comprehensive financing plan, helping to determine which tax credits the project qualified for and how much the developer could expect to earn from the available programs.
The Challenge
The Result
With local knowledge and national acumen, Freed Maxick helped
Common Bond navigate the intricacies of development capital.
FOUNDED
2004
Since 2011, Common Bond has garnered a reputation for breathing new life into abandoned and historic buildings - turning forgotten structures into adaptive reuse properties. But unlike many developers, the one-person company (OPC) is a novice operation that’s driven more by community development than profits. For this reason, the company relies on a complicated system of tax credits and loans.
Jason Yots
fOUNDer, Common Bond
With these complex requirements, sometimes you just feel like you're driving through a snowstorm. Freed helped us get through it.
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THE BACKGROUND
THE CHALLENGE
THE RESULT
TOP
Recently, Common Bond saw an opportunity to turn a
forgotten 1906 brick railroad station into apartments.
CLIENT
INDUSTRY
Because the credits are awarded only after the remediation is completed, good accounting is an absolute must in order to claim the credit in full and get back whatever costs were incurred during renovation.
With the project completed and all its units rented, Common Bond and its partners recouped the
$2 million tax refund they were owed in full.
Almost 40% of the project's overall financing was to come from Historic and Brownfield tax credits.
40%
$8 million was needed to purchase and transform the building.
$8m
35
The project included a total of 35 apartments.
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TOP
Contact Freed Maxick
Read the full case study
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