Nick Decicco, Senior Writer, Novogradac
A former organ factor in Worcester, Massachusetts, with history reaching back to the mid-19th century is set for a future as 36 apartments thanks to a combination of state and federal historic tax credits (HTCs).
The site was built in 1865, when John A. Farley and Simeon Taylor joined forces to create the Taylor and Farley Organ Factory, according to the National Register of Historic Places.
A developer and housing manager with strong local ties is behind the redevelopment. Worcester-based GoVenture Capital is leading the redevelopment efforts on the Taylor and Farley Organ Factory. It Follows other GoVenture housing endeavors in Worchester, including the 111-apartment the Kiln and an in-progress, 364-apartment site named The Benjamin.
The redevelopment Taylor and Farley site will include 31 market-rate apartments and five affordable apartments. GoVenutre expects to complete construction in January 2026…
“We’re proud to be part of a project that not only preserves a piece of Worchester’s rich history but also addresses the city’s housing needs in a meaningful way.”
–Rick Chukas, Partner, Managing Director HTC at Monarch Private Capital
Read The entire article in the January 2025 issue of the Novogradac Journal of Tax Credits

ATLANTA, December 5, 2024 (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is proud to announce its substantial impact across South Carolina through nearly 100 investments spanning Anderson to Rock Hill and Greenville to Charleston. Utilizing Historic Tax Credits, Mill Tax Credits, Abandoned Building Tax Credits and Low-Income Housing Tax Credits, Monarch has fueled transformative projects that are reshaping communities while preserving cultural heritage and driving economic growth.
These tax equity investments have driven $1.75 billion in development, created more than 20,000 jobs, delivered 3,000 affordable homes, and generated over $5 billion in total economic impact. From revitalizing historic textile mills and landmarks to building much-needed affordable housing communities, Monarch’s projects demonstrate the profound role of tax credits in transforming neighborhoods, supporting local economies, and fostering inclusive growth across South Carolina. These transformative achievements would not have been possible without the critical support provided by tax credit programs, which enable innovative solutions to address pressing community needs.
“South Carolina is brimming with opportunities to create meaningful change through strategic investments in tax credit programs,” said George L. Strobel II, Partner, Co-Founder and Co-CEO at Monarch Private Capital. “By partnering with Monarch, investors can achieve financial benefits while revitalizing communities, preserving historic landmarks, and addressing critical housing needs.”
Monarch invites investors to join in driving economic development, preserving history, and supporting affordable housing solutions across South Carolina.
Transformative Projects Across South Carolina
Sample Mill Projects
- Drayton Mills – Spartanburg: A flagship redevelopment of a historic textile mill into a vibrant mixed-use space for living, working, and dining.
- Cotton Mill Commons – Simpsonville: A revitalization project transforming a historic mill into a hub for community engagement, offering residential, retail, and event spaces.
- Lowenstein Building – Rock Hill: A centerpiece of Rock Hill’s Knowledge Park, blending history with modern innovation.
- Beaumont Mills – Spartanburg: A historic mill repurposed into a dynamic mixed-use space, preserving its heritage while fostering economic and cultural activity.
- Brandon Mill – Greenville: A historic mill tied to Shoeless Joe Jackson, now undergoing preservation and redevelopment.
- Converse Mill – Spartanburg: A historically significant mill showcasing the region’s textile heritage.
- Inman Mill – Spartanburg: A revitalized textile-era mill contributing to Spartanburg’s industrial growth.—
Other Notable Historic Rehabilitation Projects
- Powell Furniture Building (Hotel Trundle): A beautifully restored building in downtown Columbia, now home to a boutique hotel that blends historic charm with modern amenities.
- Kress Building – Columbia: An architectural landmark and cultural icon in downtown Columbia.
- Curtiss-Wright Hangar – Columbia: A historic aviation site repurposed for modern use.
- Smoked Building – Columbia: A stylish redevelopment blending history with contemporary dining and retail.
- Rock Hill Powerhouse – Rock Hill: A cornerstone of Knowledge Park revitalization.
Affordable Housing Projects
Over 30 affordable housing projects reflect Monarch’s commitment to addressing housing needs across South Carolina. Notable examples include:
- Villages at Congaree Pointe – Columbia, 240 units
- Shockley Terrace Apartments – Anderson, 258 units
- Magnolia Terrace – Rock Hill, 156 units
- 573 Meeting Street – Charleston, 70 units
- Gateway at Charleston – Charleston, 69 units
Monarch Private Capital remains dedicated to identifying and investing in opportunities that drive economic development while addressing critical housing and preservation needs. Monarch currently has inventory available, offering a unique opportunity for investors to benefit from tax credit programs while supporting impactful projects. For more information about Monarch Private Capital and its impact investment funds, please contact Jay Sinsley at jsinsley@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm, is proud to support South Carolina’s rapid economic growth. According to U.S. Census Bureau data, South Carolina’s population grew by 1.7% from July 2022 to July 2023, making it the fastest-growing state in the nation during that period (U.S. Census Bureau, December 2023).
Much of this growth is the result of incentives—some in the form of tax credits. South Carolina has become a far more attractive home to companies and individuals considering a move. The South Carolina Historic Credit, Mill Credit, and Abandoned Building Credit have rejuvenated downtown areas, communities, and economically depressed areas through the revitalization of historically significant buildings, abandoned mills, and factories. Additionally, the Low Income Housing Tax Credit has incentivized the development of affordable homes and workforce housing, making South Carolina appealing to both companies and individuals.
Monarch is a major investor in these tax credit programs, having invested in 92 projects throughout South Carolina, and is thrilled to see the profound effects these projects are having on the state’s communities.
If you would like to participate in this economic transformation and acquire South Carolina tax credits to reduce your tax liability, please contact Jay Sinsley at Monarch Private Capital at jsinsley@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
$13.5 Million Project to Transform Former Organ Factory into 36 Residential Units, Including Market-Rate and Affordable Housing
ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the closing of tax equity financing for the rehabilitation of a historic building in Worcester, Massachusetts. This $13.5 million project, led by GoVenture Capital Group, LLC, will transform the historic property into 36 residential units, offering 31 market-rate apartments and 5 affordable units to meet the diverse housing needs of the community.
The building sits on the former site of the Taylor and Farley Organ Company, a notable Worcester manufacturer that operated from 1855 to 1885, producing reed organs that were highly regarded during the 19th century. The redevelopment of this historic site honors the city’s rich industrial past while providing modern housing solutions for today’s residents.
“We’re thankful to be part of the Taylor Farley project. Converting the building’s use not only breathes new life into the property but also provides desperately needed housing in an area that needs it the most,” said Brendan Gove, President of GoVenture Capital.
The financing includes both state and federal Historic Tax Credits (HTCs), reinforcing Monarch’s commitment to supporting community revitalization through the preservation of historic landmarks. The development is set to be completed by January 31, 2026.
The project will breathe new life into one of Worcester’s notable historic structures, retaining its architectural significance while adapting the building to modern residential standards. In addition to market-rate housing, the project will include five affordable units designed to accommodate residents earning a percentage of the Area Median Income (AMI), enhancing the accessibility of quality housing in the area.
“We’re proud to be part of a project that not only preserves a piece of Worcester’s rich history but also addresses the city’s housing needs in a meaningful way,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. “This development perfectly aligns with our mission to support community growth through historic preservation and affordable housing, and we look forward to its positive impact on the Worcester community.”
Monarch Private Capital’s involvement in this project highlights its dedication to community development, historic preservation and affordable housing. By blending modern living with historical charm, the Worcester project contributes to the city’s ongoing growth and revitalization.
For more information about Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
About GoVenture Capital Group
Based out of Worcester, MA, GoVenture acquires, develops, and manages residential and commercial properties that contribute to the vitality and growth of our local communities. GoVenture’s philosophy is focused on maintaining a creative and flexible approach to all opportunities, while formulating a plan that generates the greatest value for all stakeholders.
GoVenture targets gateway markets and select urban and suburban markets that have key indicators showing liquidity, population growth, economic diversity, and other positive demand trends. Founded in 2018 and built on a foundation of discipline, innovation, sustainability, and integrity, we seek partners that embody the same values.


$59 Million Redevelopment Will Restore Brooklyn Landmark and Offer Luxury Housing by 2026
ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the tax equity closing for the historic rehabilitation tax credit (HTC) equity for the $59 million redevelopment of the New York and New Jersey Telephone Exchange Building. Located at 601-619 Throop Avenue, at the corner of MacDonough Street, in the Stuyvesant Heights neighborhood of Brooklyn, this historic landmark will be transformed into 40 luxury apartments with 1,250 sf of commercial space on the ground and basement levels.
The project, led by Rivington Company LLC, will restore the Italian Renaissance Revival building, originally designed by Alexander MacKenzie of Eidlitz & MacKenzie in 1905. The redevelopment will preserve the building’s historical significance while offering modern amenities.
This initiative not only revitalizes a historic landmark but also contributes to the ongoing revival of the Stuyvesant Heights neighborhood. The building’s past includes its role as a telecom hub, facilitating communication for Brooklynites at the turn of the 20th century. Its transformation into luxury apartments marks a new chapter, offering much-needed housing options while preserving its architectural heritage.
“We are proud to partner with Rivington Company in this impactful project,” said Rick Chukas, Partner, Managing Director of Historic Tax Credits for Monarch Private Capital. “This project, our first rehab in Brooklyn, is a great example of how history can be preserved while meeting modern living needs.”
“Rivington Company is proud to announce a successful partnership with Monarch to preserve and convert the historic landmark building located in the heart of Stuyvesant Heights into much-needed housing. This collaborative effort not only honors the rich architectural heritage of the neighborhood but also addresses the pressing demand for multifamily housing in this vibrant neighborhood,” said Travis Stabler, Managing Partner at Rivington Company. “Together, we are not only breathing new life into a historic building but also creating homes that will support the diverse needs of our community.”
For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
$25 Million Project to Deliver Affordable Housing and Restore Historic Landmark in Downtown Omaha by 2025
ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the closing of tax equity financing for the historic preservation and adaptive reuse of 1904 Farnam, a major redevelopment project located in downtown Omaha, Nebraska. The $25 million development, spearheaded by Clarity Development, will transform the historic building into 54 studio and one-bedroom units, providing much-needed affordable housing for the community. The financing includes Nebraska Low-Income Housing Tax Credits (LIHTCs) as well as State Historic Tax Credits (HTCs), making it a powerful tool for community revitalization.
The 1904 Farnam project will offer affordable housing options to tenants earning 40%, 50%, and 60% of the Area Median Income (AMI). All units will be located in a seven-story, elevator-serviced building with ground-floor commercial space, designed to support the local economy and meet community needs. The development is expected to be completed by the end of 2025.
Originally constructed in 1927 as The Union State Bank building, 1904 Farnam is a significant part of Omaha’s architectural and economic history. The building, which exemplifies early Art Deco design, reflects the spirit of modernity that characterized the 1920s and 1930s. Situated in the heart of Omaha, it has long been a landmark of the city’s growth and development. Of note, the building is located directly across the street from Omaha’s City Hall and the District Courthouse; furthermore, Omaha’s streetcar main route from Downtown to Midtown Omaha will run down Farnam Street.
“Being part of a development that benefits the community in such a meaningful way is a privilege,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. “This project not only preserves a piece of Omaha’s history but also addresses the critical need for affordable housing in the downtown area. We are proud to support developments that have a positive impact on communities.”
“The 1904 Farnam project is a great example of how LIHTC financing can be used to create affordable housing in areas that need it most,” said Steve LeClere, Partner, LIHTC at Monarch Private Capital. “With the help of Nebraska LIHTCs, we’re able to transform a historic building into modern, affordable housing while preserving the character and history of Omaha.”
The redevelopment of the Farnam Building continues its legacy as an integral part of the downtown business community, while providing much-needed affordable housing in Omaha. Monarch Private Capital’s involvement underscores its commitment to community impact and sustainable development.
For more information about Monarch Private Capital and its investment initiatives, please visit www.monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the financial closing of federal historic rehabilitation tax credit equity for the $16 million redevelopment and preservation of the Iowa Mutual Insurance Building in DeWitt, Iowa. This historic landmark will be repurposed into 53 market-rate apartments and aims to breathe new life into a century-old building.
The project, spearheaded by Bush Development, LLC, is expected to be completed by spring 2025. The remodeled building, named the Iowa Mutual Lofts, will offer a diverse range of housing options, including 13 studio, 35 one-bedroom, and five two-bedroom units. Residents will also have access to amenities such as covered parking, a gym, movie room, club room and storage lockers. The project seeks to address the housing needs of DeWitt and surrounding communities while revitalizing the city’s downtown area.
This initiative not only repurposes a historic landmark but also addresses economic concerns stemming from the closure of Iowa Mutual Insurance’s operations. By converting the building into residential space, the project not only preserves its architectural heritage but also creates new opportunities for the community.
With significant financial support from both public and private sectors, including tax credits and loans from the State of Iowa and the U.S. Department of Housing and Urban Development, the project demonstrates a collaborative effort to revitalize DeWitt’s downtown core and provide much-needed housing options for its residents.
“By transforming the Iowa Mutual Insurance building into apartments, we witness the power of collaboration among many diverse stakeholders” said Rick Chukas, Partner and Managing Director of HTC for Monarch Private Capital. “This collective effort not only preserves a historic Iowa landmark but also sustains the vitality of DeWitt, leaving behind a lasting legacy for future generations.”
Iowa Mutual Insurance had its beginnings at the turn of the 20th century, initially operating out of its founder’s home. Over time, the company grew substantially, necessitating the construction of a dedicated headquarters in DeWitt. This growth reflects not only the success of the insurance company but also its importance to the local community. The building itself has also evolved over the years, with the oldest part dating back to 1924 and the newest and largest addition built in the 1970s. This architectural evolution mirrors the changing needs and expansions of Iowa Mutual Insurance over the decades.
For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
The Peale Center for Baltimore History and Architecture (The Peale) brings new life to the first purpose-built museum in the Americas, both architecturally and organizationally. The Peale’s National Historic Landmark building was designed by architect Robert Carey Long, Sr. for artist Rembrandt Peale who operated the museum from 1814-1829. It then became Baltimore’s City Hall (1830-1875), one of its first public schools for African Americans (1878-1887), a mix of commercial and industrial uses (1888-1929) and more recently, Baltimore’s first municipal museum (1930-1997). When the city museum closed, its collection was transferred to the Maryland Historical Society and the building was abandoned for twenty years prior to the 2017 initiation of renovations for its current reincarnation. As Baltimore’s community museum, The Peale’s purpose is to record and present Baltimore stories through exhibitions, performances and events created by local artists and storytellers from Baltimore’s diverse communities. Additionally, it conducts a training and apprentice program for exhibition preparation and the historic preservation trades. It is managed by a shared leadership team and its programming is driven by Baltimore’s creative communities.
The Buildy Award Committee noted several factors that contributed to The Peale’s success:
- The involvement of the community in the development of the design and its programming and the impact The Peale is making with the community through programs, including the apprenticeship program for exhibition preparation and historic preservation trades that is unique for a museum.
- The remarkable and sustainable revitalization of a significant historic landmark. The Committee noted the installation of an all-electric HVAC system and the gentle refurbishment of existing building fabric and finishes that is inherently sustainable and provides for a healthy interior environment.
- The beautiful rejuvenation of The Peale’s garden space and its extension into the adjacent alley. A new elevator fronting the alley provides accessibility to the building.
Click here to view the full article
Redevelopment of historic landmark to breathe new life into iconic Bank of New Orleans Building
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the financial closing of the redevelopment and preservation of the former Bank of New Orleans Building in New Orleans. Monarch Private Capital provided tax credit equity in conjunction with federal historic tax credits associated with the property.
This historic landmark will be repurposed into two hotel properties, including the illustrious Fairmont New Orleans, commercial space and parking. This marks the eagerly awaited return of the iconic Fairmont brand to the heart of the city. Anticipated to debut in the summer of 2025, the Fairmont New Orleans promises to redefine luxury accommodations in the Central Business District, adjacent to the cherished and historic French Quarter.
The Bank of New Orleans Building, located at 1010 Common Street, holds significant historical value as a symbol of the city’s economic prowess and architectural legacy. Originally designed by the renowned architects Skidmore, Owings & Merrill, the structure was completed in 1970 and stands as a testament to International Style architecture, embodying the spirit of its era. Now being repurposed and redeveloped by Louisiana-based developer Kailas Companies, this architectural gem is slated for a unique transformation.
“The rehabilitation of the former Bank of New Orleans Building reflects our dedication to involvement with impactful investments which help revitalize communities while safeguarding their cultural legacy,” stated Rick Chukas, Partner and Managing Director of Historic Tax Credits. “Collaborating with the Kailas Companies and the other parties involved to transform this historic property into a pinnacle of luxury and hospitality was truly a privilege. We are thrilled to be part of this project that will set a new standard of excellence in the heart of New Orleans.”
For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.