Monarch Private Capital’s Historic Division Achieves Record-Breaking Year with Deal Closings Generating $120 Million in Tax Credits in 2025
ATLANTA, April 15, 2026 (GLOBE NEWSWIRE) -- Monarch Private Capital (“Monarch”), a national leader in tax credit investing, today announced a banner year for its Historic Tax Credit (HTC) division, closing 21 projects in 2025 that generated approximately $120 million in tax credits and supported more than $500 million in total development costs. The results reflect not only a record year for the division, but also the continued acceleration of Monarch’s historic platform as investor demand for tax-advantaged, impact-driven strategies continues to grow.
Monarch’s 2025 performance builds on strong momentum established in recent years, as the firm continues to expand its historic tax credit platform across geographies, asset types, and capital partners. The 2025 portfolio includes mixed-use, multifamily residential, and community revitalization projects in markets across the country, demonstrating Monarch’s ability to scale thoughtfully while maintaining disciplined underwriting and execution. As demand for adaptive reuse and historic rehabilitation continues to rise, Monarch is increasingly well positioned to deliver investors access to high-quality transactions with compelling economic and community impact.
Since the division’s inception in 2012, Monarch has closed 208 historic projects, generating approximately $840 million in tax credits and supporting more than $4 billion in total development. Importantly, that long-term track record is being strengthened by accelerating activity in more recent years, reflecting the growing depth of Monarch’s platform, expanding market opportunity, and continued confidence from developers, lenders, and investors. This combination of scale, consistency, and forward momentum positions Monarch as a national leader in historic preservation finance.
“2025 was a milestone year for our historic tax credit business, but more importantly, it reflects the momentum we’ve built across the platform over the last several years,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. “We are seeing a broader pipeline, increased transaction volume, and continued investor interest in historic rehabilitation as a strategy that can deliver both predictable tax credit outcomes and meaningful community impact.”
Featured Project Highlights
- Beaver Street – Brooklyn, NY
Located at 81 Beaver Street in Bushwick, Brooklyn, this adaptive reuse of the historic 19th-century William Ulmer Brewery transforms the site into a mixed-use development featuring 34 residential units and ground-floor retail. The project is expected to generate more than $8 million in federal historic tax credits and over $8 million in New York State historic tax credits, demonstrating strong alignment between urban infill redevelopment and tax-advantaged investment opportunities in a high-growth submarket. - Harrower Village – Glendale, CA
Developed in partnership with the Glendale Housing Authority, Harrower Village is a 40-unit, 100% affordable senior housing community, addressing critical housing demand in Los Angeles County. The project generated approximately $3.7 million in California state historic tax credits, reflecting the increasing role of state-level incentives in supporting mission-driven housing and preservation outcomes. - Washington Lofts – Peoria, IL
Located at 800 and 801 SW Washington Street, this adaptive reuse project supports downtown Peoria’s revitalization by converting historic structures into modern residential housing. The development is expected to generate approximately $8.4 million in federal historic tax credits and $10.5 million in Illinois state historic tax credits, underscoring the scale and complexity of transactions that drive economic activity in Midwest markets. - The Old Home (Louis Sullivan Building) – Newark, OH
Located at 1 North Third Street, this landmark building—originally constructed in 1914 and designed by Louis H. Sullivan, the “father of the skyscraper”—has been meticulously restored and repositioned as a community anchor for Explore Licking County. One of only eight surviving “jewel box” banks, the project combines architectural preservation with long-term civic use.
Supported by Monarch Historic Preservation Fund III, the rehabilitation is expected to generate approximately $2.2 million in federal historic tax credits and $1.2 million in Ohio state historic tax credits beginning in 2025, reinforcing both its economic and cultural value. - Stedman-Fuller Manufacturing Company Complex – Providence, RI
This historic rehabilitation project was recognized as a 2025 Rhody Award winner, underscoring Monarch’s ability to deliver projects that meet the highest standards of preservation excellence, design integrity, and community impact. The recognition provides third-party validation of the quality and execution that define Monarch’s historic investment platform.
Historic tax credits continue to play an increasingly important role in today’s investment landscape, helping bridge financing gaps for complex redevelopment projects while preserving culturally significant assets, addressing housing shortages, and driving economic activity. Monarch’s disciplined underwriting and deep expertise in structuring HTC transactions allow investors to access these opportunities with confidence and consistency. The firm’s approach is further validated by industry recognition, including award-winning projects such as the Stedman-Fuller Manufacturing Company Complex.
Looking ahead, Monarch expects continued growth in 2026, supported by a strong pipeline of opportunities and a market environment increasingly favorable to historic rehabilitation and adaptive reuse. Elevated interest rates and tighter lending conditions continue to create financing gaps that historic tax credits are uniquely positioned to fill, while sustained investor demand for tax-advantaged strategies is driving increased capital allocation to the asset class. At the same time, growing demand for housing, expanded state-level incentive programs, and the increasing focus on adaptive reuse as a cost-effective and sustainable development strategy are further strengthening market fundamentals. With expanding demand from both developers and investors, Monarch believes its historic platform is well positioned to build on recent acceleration while continuing to align investment performance with long-term community and sustainability goals.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that strengthen communities by creating clean power, affordable housing, and jobs. Its funds provide predictable returns through federal and state tax credits in affordable housing, historic rehabilitation, renewable energy, and film. Headquartered in Atlanta, Monarch maintains offices and professionals across the United States, partnering with institutional and individual investors, developers, and lenders to advance sustainable economic growth.
CONTACT
Jane Rafeedie
Monarch Private Capital
Jrafeedie@monarchprivate.com
470-283-8431
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