Developments > Hanover Theatre for the Performing Arts
The stunning restoration and grand opening of the Hanover Theatre in downtown Worcester culminated one of MHIC’s most complex and most exciting projects. Located in the heart of downtown Worcester across from the Federal courthouse, the theater, which was built in 1904 and formerly known as the “Poli Palace,” sat vacant for many years. Over a decade ago, two local businessmen decided to rehabilitate the theater and founded the Worcester Center for Performing Arts for that purpose. They acquired the property and went about raising funds, assembling financing, and lining up public and private support. The idea caught on when others realized just what such a development could do to help drive the revitalization of Worcester. New Markets Tax Credit financing was a critical component in allowing the project to go forward. MHIC provided a $17.6 million financing package, combining New Markets and federal historic tax credits and a bridge loan against the sale of state historic tax credits. MHIC also partnered with three other financial institutions — Coastal Enterprises of Maine, the Nonprofit Finance Fund and Citicorp USA — which together contributed another $15.8 million in New Markets financing. Now fully restored and operational, the theater is staging Broadway tours, nationally-recognized performances and family shows.
Hanover Theatre for the Performing Arts
Project at a Glance:
Location:
Worcester
Development Type:
Commercial
Project Type:
Historic restoration of theater
MHIC Financing:
$3,774,900 in debt financing, $13,585,000 in NMTC financing
Sponsor:
Worcester Center for the Performing Arts, Inc.
Date Completed:
3/14/2008
The stunning restoration and grand opening of the Hanover Theatre in downtown Worcester culminated one of MHIC’s most complex and most exciting projects. Located in the heart of downtown Worcester across from the Federal courthouse, the theater, which was built in 1904 and formerly known as the “Poli Palace,” sat vacant for many years. Over a decade ago, two local businessmen decided to rehabilitate the theater and founded the Worcester Center for Performing Arts for that purpose. They acquired the property and went about raising funds, assembling financing, and lining up public and private support. The idea caught on when others realized just what such a development could do to help drive the revitalization of Worcester. New Markets Tax Credit financing was a critical component in allowing the project to go forward. MHIC provided a $17.6 million financing package, combining New Markets and federal historic tax credits and a bridge loan against the sale of state historic tax credits. MHIC also partnered with three other financial institutions — Coastal Enterprises of Maine, the Nonprofit Finance Fund and Citicorp USA — which together contributed another $15.8 million in New Markets financing. Now fully restored and operational, the theater is staging Broadway tours, nationally-recognized performances and family shows.