Foss & Company Partners with Krog Group and BMW Management on Approximately $26 Million in Tax Equity for TRICO Manufacturing Building
This large-scale project will aim to have a significant impact on the local economy and community
SAN FRANCISCO, July 19, 2022 — Foss & Company, a leading institutional investment fund sponsor, has announced that it closed on a tax equity partnership with the Krog Group, a prominent New York state developer, and BMW Management for approximately $26 million of investment. The investment will fund the rehabilitation of the historic Tri-Continental Products Company (TRICO) Manufacturing Building in Buffalo, NY.
At 511,000 square feet, this rehabilitation is considered to be one of the most prominent projects in Buffalo, NY, due to its size and potential impact on the local community. The building sits adjacent to the Buffalo Niagara Medical Center campus, a 120-acre medical center of health care, life sciences research and medical education institutions, and will aim to provide necessary housing for workers on the medical campus and surrounding area.
“We are proud to be partnering with Krog Group and BMW Management on such an important, large-scale project,” said George Barry, president, Foss & Company. “The restoration of historic buildings such as the TRICO manufacturing building preserve our collective history while creating new jobs, attracting new private capital to the area and more. We look forward to continuing to work with the Krog Group on more impactful projects in the future.”
Upon completion, the TRICO manufacturing building will feature 242 studio and 1- to 4-bedroom luxury apartment units. Among these units, 10% will be set aside for workforce housing. The building will also include 50,000 square feet of office space and enclosed parking utilizing about 100,000 square feet of space.
“We are thrilled to have had the pleasure of working with Foss & Company to provide the Krog Group with approximately $26 million in tax credit equity financing for our Trico project,” said Peter Krog, founder, the Krog Group. “We are proud to add this influential project to our extensive portfolio of projects across New York state. The historic preservation of buildings such as this add to our continued commitment to serve our community and cultivate prosperity in Upstate New York.”
Foss & Company will be acting as federal and New York state historic tax credit (HTC) investor, as well as providing the tax equity bridge loan for the project.
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $7 billion in tax equity on behalf of insurance, banking, and other large corporate clients into tax credit enhanced transactions including historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise navigating the world of tax equity investments. For additional information, visit www.fossandco.com.
The Krog Group was founded in 1976 by Peter L. Krog in Buffalo, New York, and we continue today to expand our capacity in the construction services industry to best serve our clients. Our extensive portfolio of projects built across New York State, and farther, exhibits our capacity in every major construction discipline – design-build, general contracting, construction management, and real estate development.