DistriCt

overview

Location: New Haven, CT

Client Partner: State of Connecticut

Rise’s Role: Financial and Strategic Advisor

Size: 101,513 SF

Sources:

• New Markets Tax Credits

• State Grant

• Senior Debt

• Equity

Project summary

DistriCT is the adaptive reuse of a contaminated former State of CT bus depot into a technology and innovation campus for small and growing companies in New Haven, CT. The project is an outgrowth of an effort by the State of CT and the City of New Haven to utilize the 9.3 acre site as an economic development engine to transform the low-income community of Fair Haven and to be a catalytic vibrant technology campus.

Rise’s strategy & solution

Rise was engaged in 2016 after the sponsor team failed to identify adequate capital providers. Underwriting challenges included low appraised value, insufficient pre-leasing from credit tenants, and the capital / net worth of the sponsor team to provide guarantees.

Rise provided financial advice and recommended additional community impact and tenancy programs, and assisted the sponsor team in raising a multi-tiered capital package including senior and senior stretch debt, New Markets Tax Credits, combined with state grant funds and equity.

rise’s distinctions

Rise continues to work with DistriCT to weave in additional community outreach and program efforts, including a nonprofit training center for local residents.