Twain Financial Partners is pleased to announce the dual Historic Tax Credit Equity and Commercial Property Assessed Clean Energy financing in connection with the rehabilitation of the historic Ramova Theater at 35th and South Halsted in Chicago, Illinois.
Upon completion, the renovations will result in four integrated buildings operating as a one- and two-story live music venue with 1,800 spectator capacity, a bar & grill, craft brewery/tap room, plus a patio and nearby parking lot.
Baum Revision LLC, a Chicago-based developer, and Our Revival Chicago LLC, a Chicago collaborative venture comprised of entertainment, hospitality, and finance professionals, serve as development partners leading this project.
“This project has been a true labor of love,” said Tyler Nevius of Our Revival Chicago. “As a native Chicagoan, I’ve long understood that the southside of Chicago has many neighborhoods like Bridgeport that have untapped potential that could be realized by forging the right partnerships. We’re proud of the work we’ve done and are thankful for the collaboration of our various finance partners, including Twain Financial, Byline Bank, Central State Bank, the City of Chicago, Cook County, the Illinois Department of Commerce and Economic Opportunity, and the Illinois Energy Conservation Authority.
The venue opened in 1929 as a sister theater to the Music Box Theatre in Lakeview. The interior was designed in the “atmospheric” style of the 1920s, with an auditorium meant to resemble Spanish courtyards and stars on the deep blue ceilings that would glimmer before each movie. Ramova Theater closed its doors in 1985.
“This is exactly the type of transaction where Twain can add real value,” said Erik Lintvedt, Business Development Officer at Twain. “Of course, having highly talented, sophisticated partners like Baum Revision who we know and trust goes a long way. And in a perfect world, every project would start with an organized visionary group like Our Revival building community and municipal support.”
Twain Financial Partners is an investment management firm located in St. Louis, Missouri with over $4 billion in assets under management within the public-private partnership sector. The firm works with a variety of investment types, specializing in tax credit, structured debt, and real estate transactions. Twain works with financial institutions and corporations to structure and manage investments that offer attractive economic return and social benefits.