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CRDC Provides Initial Financing for Redevelopment Project for Concord Developer
Recently, the Bank of New Hampshire Stage, owned by the Capital Center for the Arts, opened in Concord, after a major redevelopment project.     CRDC was an early facilitator of
Recently, the Bank of New Hampshire Stage, owned by the Capital Center for the Arts, opened in Concord, after a major redevelopment project.  
 
CRDC was an early facilitator of the project, with the initial financing.  
 
Since 1927, the Concord Theatre, located at 44 South Main Street, Concord, had been in operation for live performances and movies. After years of deterioration, the theatre closed in 1989. The Capital Center for the Arts (CCS) indicated interest in the theatre building, to create a venue, smaller than its 1,340 seat Chubb Theatre, with 250 seats for newer artists to offer live performances in an intimate setting.  
 
Steve Duprey, a Concord real estate developer, had been working with the CCA on its plans to develop the building at 44 South Main for small scale programing, which would complement its large scale programing. To facilitate that vision, Duprey signed a P&S with the owners for two lots, the theatre and an abutting garage. The P&S required that title be taken by December 31, 2017. However, the total project, in addition to the initial acquisition financing, required substantial financing for the cost of the redevelopment.  
 
A synergistic financing structure was created which involved conventional bank financing, New Market Tax Credits, CDFA tax credits and Historic Tax Credits (HTC). The latter, HTC, were also expiring year end 2017. Facing a deadline of December 31, 2017 to obtain firm commitments for acquisition financing and the construction financing, the financing team of Merrimack County Savings Bank and the New Hampshire Community Loan Fund and CRDC, obtained approvals and closed on a participation loan, to finance both the acquisition and construction financing.  
 
The loan was closed December 27, 2017. In mid-2018, Bank of New Hampshire, with the approval of the New Markets Tax Credits, paid off the acquisition loan. 
 
CRDC prides itself on its mission-focused financing and on our capacity to respond to community needs. The tale of our involvement in this project clearly demonstrates that.
 


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