Twain Financial Partners announced successful funding of over $28 million in federal and state tax credits as well as PACE Financing to a rehabilitation project in Fort Worth, TX. The property is the former XTO Energy Headquarters and has been listed in the National Register of Historic Places since 2012.
The building sits at 714 Main Street in the heart of downtown Fort Worth will be transformed into a 226-room Kimpton Hotel. Upon completion, the hotel will offer a restaurant and bar, three lounge areas, 10,000 square feet of meeting and event space, and a fitness room. Construction began at the property’s closing in May of 2019 and is projected to complete in summer 2020.
This project will be managed by Development Services Group, Inc. of Memphis, Tenn. and will include energy efficient upgrades including LED lighting, new or modified HVAC systems and a domestic water heater as part of the PACE agreement.
“Pairing C-PACE financing and historic tax credits together on this project helped showcase Twain’s wide breadth of services and expertise in complex real estate transactions,” said Nick Maglasang, Business Development Officer at Twain. “We are increasingly seeing C-PACE and historic tax credits used together in historic rehabilitation projects and Twain is uniquely situated to provide both sources of capital to these transactions.”