Twain Financial Partners announced the successful funding of $4.5MM in Federal Historic Tax Credit (HTC) Equity to restore the historic Hotel Forty-Five located at 682 Cherry Street in Macon, GA.
Twain’s funding will assist in transforming the former Willie C. Hill Annex office building into a Tribute Portfolio Hotel by Marriot. Upon completion, the hotel will feature 94 rooms and three food and beverage outlets, including an open-concept, three-meal restaurant and lounge; a rooftop bar and lounge; and a coffee/wine bar that will serve baked goods, coffee, and grab-and-go items during the day and wine during the evening. The hotel will also offer 1,550 square feet of meeting space, which will include a 1,252-square-foot divisible meeting room on the second floor/lobby level and a 298-square-foot boardroom on the sixth floor. Other amenities include a fitness room and an outdoor lawn and patio area.
The project’s lead sponsor is IDP Properties, a full-service real estate development firm that invests in and redevelops communities.
“Twain Financial is excited to announce the closing of HTC Equity on this historic building,” said Nick Maglasang, Business Development Officer at Twain Financial. “The successful closing of a hospitality asset in today’s environment is a testament to the expertise of IDP Properties and the entire development team. Using HTCs to repurpose this incredible building will make a significant impact to the Macon Historic District.”
Learn more about HTC Equity at Twain.