Monarch Private Capital Funds Historic Preservation of Former Factory in New Hampshire
The rehabilitated plant will provide market-priced apartments to Claremont residents and support community growth
MPC funds the historic preservation of an old mill in New Hampshire
Monadnock Mills complex in Claremont, New Hampshire
ATLANTA, Nov. 04, 2021 (GLOBE NEWSWIRE) — Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diverse portfolio of projects generating federal and state tax credits, is pleased to announce the closing of the Tax Credit Equity for Historic Rehabilitation (HTC) for the adaptive reuse of a historic mill building in the Monadnock Mills Company complex in Claremont, New Hampshire. The old 19andthe century-old textile factory will be transformed into beautiful riverside apartments, supporting the continued revitalization of the city’s historic factory district.
Dating back to 1837, the Monadnock Mills Company was the largest textile manufacturer in the Upper Connecticut River Valley and the main engine of the region’s economy for years. The third factory building, also known as the Peterson building, was first used as a weaving mill and became the first building in the Monadnock complex to be powered by electricity in 1910. After the dissolution of company in 1963, the building fell to several different owners, including a toy manufacturer called Peterson’s Plastics.
Now under new ownership, Chinbourg Properties will rehabilitate the historic factory building to feature 83 market-priced apartments, becoming the third of three factory buildings to be restored in a tight cluster along the Sugar River in western New Hampshire. The new floor plan consists of studios as well as one- and two-bedroom units, all equipped with energy-efficient appliances and free Wi-Fi. The rehabilitation will seek to accentuate the 19andthe industrial architecture of the last century, leaving its brick walls and large wooden beams and columns exposed and preserving other important elements of its history.
Residents will enjoy the serene riverside setting of Monadnock Mills Apartments while enjoying the convenience of city living with the shops and restaurants of downtown Claremont within walking distance. Outdoor activities like skiing, hiking, and fishing are steps away, and with easy access to Interstate 91, residents can easily get to their destination.
“We have a passion and expertise in transforming these former factory buildings for new, modern use and restoring them as economic engines in local communities like Claremont,” said Eric Chinburg, President of Chinburg Properties. Once the project is finished, it will offer a place where it is good to live. Our team will develop, build and then manage the Monadnock plant. It’s a uniquely beautiful building, and we’re proud to be able to make a project of this nature work with the help of Monarch Private Capital and historic tax credits.
The Claremont Mills Historic District is a key site for redevelopment and historic preservation in New Hampshire. The redeveloped apartment building will join the business of two other restored mills that now house the Common Mann Inn & Restaurant and the headquarters of Red River Technology LLC. The apartments will directly support the growing community by adding new tax revenue, creating jobs and increasing local purchasing power to fuel the economy.
“The redevelopment of the old factory is another major step on the road to revitalizing Claremont,” said Rick Chukas, Managing Director of Historic Federal Tax Credits at Monarch. “Through historic preservation, we are able to transform the building into a productive contributor to the local economy and a unique, quality home for Claremont residents.”
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean energy, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit investments for affordable housing, historic rehabilitations, renewable energy, cinema and other qualified projects. Monarch Private Capital maintains long-term relationships with institutional and individual investors, sponsors and lenders who participate in these types of federal and state programs. Based in Atlanta, Monarch has offices and professionals located across the United States
About Chinburg Properties
Chinburg was founded by New Hampshire native Eric Chinburg in 1987. A quality-conscious civil engineer with a philosophy of progressive development, Chinburg became a pioneer in innovative approaches to development and construction. Open space, factory retrofit and urban revitalization projects have received regional and national attention for their positive impact on communities and the people who live there. Additionally, Chinburg Properties’ reputation as a premier builder of distinctive, high-quality properties has earned us numerous local awards and national recognition. With each new venture, Chinburg Properties remains committed to providing quality that meets and exceeds customer expectations.
CONTACT: Jane Rafeedie Monarch Private Capital 4702838431 [email protected]