Monarch Private Capital Finances Historic Preservation of Former Mill in New Hampshire
The rehabilitated mill will offer market-rate apartments to Claremont residents and support community growth
Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the closing of historic rehabilitation tax credit (HTC) equity for the adaptive reuse of a historic mill building in the Monadnock Mills Company complex in Claremont, New Hampshire. The former 19th-century textile mill will be transformed into beautiful, riverfront apartments, supporting the ongoing revitalization of the city’s historic mill district.
Dating back to 1837, the Monadnock Mills Company was the largest textile manufacturer in the Upper Connecticut River Valley and the primary driver of the area’s economy for years. The third mill 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 run by electricity in 1910. After the company was dissolved in 1963, the building fell to several different ownerships, including a toy manufacturer called Peterson’s Plastics.
Now under new ownership, Chinburg Properties will rehabilitate the historic mill building to feature 83 market-rate apartment homes, becoming the third of three mill buildings to be restored in a tight cluster along western New Hampshire’s Sugar River. The new floorplan consists of studio apartments 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 mill’s 19th-century industrial architecture, leaving its brick walls and large timber beams and columns exposed and preserving other elements significant to its history.
Residents will enjoy the serene riverfront setting of the Monadnock Mills apartments while still getting the convenience of city life with shops and restaurants of downtown Claremont within walking distance. Outdoor activities like skiing, hiking and fishing are just steps away, and with easy access to Interstate 91, residents can easily get to their destination.
“We have a passion for and expertise in transforming these old mill 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 complete, it will provide a great place to live. Our team will develop, build and then manage the Monadnock Mill. This is a particularly beautiful building, and we are proud to be able to make a project of this nature work with the help of Monarch Private Capital and historic tax credits.”
Claremont’s historic mill district is a key site of redevelopment and historic preservation in New Hampshire. The repurposed apartment building will join the company of two other restored mills now home to 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 revenues, creating jobs and increasing local purchasing power to fuel the economy.
“The redevelopment of the former mill is another major step forward in Claremont’s path to revitalization,” said Rick Chukas, Managing Director of Federal Historic Tax Credits at Monarch. “Through historic preservation, we are able to repurpose the building as a productive contributor to the local economy and a unique, quality home to Claremont residents.”
About Monarch Private Capital
Monarch Private Capital manages ESG 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 that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About Chinburg Properties
Chinburg was founded by New Hampshire-native Eric Chinburg in 1987. A civil engineer with an eye for quality and a progressive development philosophy, Chinburg has become a pioneer in innovative approaches to development and building. Open space development, mill renovation and urban revitalization projects have received regional and national attention for their positive impact on communities and the people who live in them. In addition, Chinburg Properties’ reputation as a premier home builder of distinct, high-quality properties has earned us numerous local awards and national recognition. With every new venture, Chinburg Properties remains committed to delivering quality that meets and exceeds customer expectations.
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