Historic Tax Credits Fund 265-Unit Project in Oklahoma
Locally based developer Gardner Tanenbaum plans to convert two historic buildings in downtown Oklahoma City — the former 1924 Medical Arts Building and BancFirst Building — into an apartment complex called The Harlow.
Upon completion, The Harlow will offer 265 apartments, as well as 4,300 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans. Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged $63 million in financing for the project’s development, including a $40.3 million senior construction loan and an undisclosed amount of federal and state historic tax credit equity.
Todd McNeill, executive managing director of capital markets with IPA, attributes The Harlow’s success partly to its qualification for federal and state historic tax credits and a TIF provided by Oklahoma City, which helped offset the cost of construction.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.