Innovative development solutions
When confronted with the difficulties involved in financing progressive urban and historic rehab projects, cities often turn to The Ferchill Group for solutions.
Conventional financing is difficult and costly for complex historic ventures, often located in markets also considered “risky”. Historic renovation is fraught with risk and the potential for cost overruns. When it comes to delivering equity and capital for the projects that make even the boldest lenders and investors uneasy – we can make it happen.
We understand you cannot apply traditional, one–size–fits–all financial strategies to make these deals work. Based upon our experience and track record in completing tough projects, lenders and investors have confidence that our endeavors will not only be completed, but will sustain value and create returns.
We partner with a diverse group of institutional investors, as well as traditional and non–traditional lenders. We are at the forefront of the industry with our knowledge and use of eligible capital for renovation projects such as historic tax credits, Brownfield funding, New Markets tax credits, conservation easements and others. The Ferchill Group works closely with Taft–Hartley pension funds for equity and debt components of our transactions. We have found that inviting unions to invest in projects helps to encourage public sector participation.
The Ferchill Group has stepped in with innovative funding sources to save numerous rehab and urban projects.
- Easement and Historic Tax Credit equities helped bridge funding gaps for the Bedford Springs Hotel after a decade of failed attempts to finance the project.
- We found financing and capital to complete Detroit’s Hilton Garden Inn immediately after 9/11, a time when banks shunned the city’s downtown deals.
- Like many of our projects, union pension funds were invested in Bridgeside Point, a speculative office building that ultimately became the anchor for the eastern end of the Pittsburgh Technology Center.
“The high cost of renovating The Book–Cadillac Hotel required creative financing involving the city, county and state, along with tax credits and other sources that previous developers couldn’t handle. The Ferchill Group brought to the table financing tools that Detroit had never used. With the Ferchill team on board, we are confident that we will finally see this project become a reality.”
Former Chief Development Officer, City of Detroit
By connecting appropriate investors with the appropriate investment, Ferchill projects are demonstrating impressive returns.