March 01, 2015
Farnsworth Real Estate, Inc.
Rockland, Maine, like many coastal Maine cities, was built upon the fishing and shipping industries. As these industries declined over the past 30 years, Rockland has reinvented itself as a tourist destination and a bastion of the creative economy in Maine’s Midcoast region.
Key to this renaissance is the Farnworth Art Museum (the Farnsworth), which offers a nationally recognized collection of works from many of America’s greatest artists, including sculptor Louise Nevelson and painters Andrew, N.C. and Jamie Wyeth. The Farnsworth also maintains several historic properties, including the Olson House, which was depicted in several of Andrew Wyeth’s works, including Christina’s World.
While the Farnsworth has received generous donations, the majority of its assets were restricted in use, leaving the museum with few resources to maintain its many facilities, placing both its valuable collection of art and ongoing operations at risk. To finance these capital improvements, CEI Capital Management LLC (CCML) utilized the Maine New Markets Capital Investment (NMCI) Program, paired with federal New Markets Tax Credit (NMTC) financing provided by a partner CDE. This financing will be used to address roof failures, aging and inefficient HVAC systems, ADA compliance issues, and safety concerns across the Farnsworth’s historic and gallery properties.
CCML FINANCING: $10,000,000
FINANCING PROGRAM: Maine New Markets Capital Investment Program
TAX CREDIT INVESTOR(S): U.S. Bancorp Community Development Corporation
OTHER CDES: One Partner CDE