Nixon Peabody advises California Statewide Communities Development Corporation in $10M New Market Tax Credits financing for downtown Oakland revitalization project

November 07, 2013

Chief Communications Officer
Allison McClain

Washington, DC. It has been a fixture in the city of Oakland, California, since 1917, and now it has a bright future. The California Statewide Communities Development Corporation (CSCDC) has teamed up with nonprofit East Bay Asian Local Development Corporation (EBALDC) to provide $10 million of New Markets Tax Credits allocation to revitalize Swan’s Marketplace. The mixed-use historic property, which spans a full city block, includes affordable housing, restaurants, co-housing units, and community-oriented retail and office space for local businesses and nonprofits.

“Swan’s Marketplace struggled with a high-interest-rate loan, low commercial occupancy and a need for capital improvements. It’s exciting to see this project come to fruition through the use of New Market Tax Credits,” said David Schon, a Tax Credit Finance & Syndication partner who led the Nixon Peabody legal team representing the CSCDC. “These improvements to Swan’s Marketplace create a more vibrant neighborhood and are expected to generate additional private investment in surrounding properties.”

CSCDC has partnered with Chase, the City of Oakland (through Oakland Renaissance NMTC, Inc.) and Low Income Investment Fund to provide a NMTC financing that will allow EBALDC to refinance $3.2M of existing high-interest-rate debt, and carry out tenant improvements on 15,000 square feet of retail space that will be leased to local small restaurants and vendors.

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