Electric Works West, Fort Wayne, IN

Octagon initially extended a federal historic tax credit (HTC) bridge loan for the Electric Works West complex in Fort Wayne, Indiana. After the rehabilitation commenced, the scope broadened and materially changed with a large portion of the project programmed as apartments changing to Class A office space, which required a more costly buildout. As a result, Octagon funded two state HTC bridge loans for a combined total of $54.3 million in support of the rehabilitation. The federal historic tax credit loan is cross-collateralized with the state historic tax credit loans.

Dating to 1917, the 1.2 million square feet Electric Works property formerly house a General Electric motor assembly plant. The history of the Electric Works West Factory in Fort Wayne, IN, is deeply intertwined with the rise and eventual decline of manufacturing in the region, as well as its revitalization. The development project revitalized the historic buildings into a vibrant hub for innovation, education, workforce development, healthcare, food, retail, residential, hospitality, and entertainment.