AmTrust Financial Services, Inc.
Counsel for Redevelopers & Community Revitalizers
When AmTrust Financial Services, Inc. (AmTrust) and its sister company, National General Insurance (formerly GMAC Insurance), needed legal representation in connection with their multimillion-dollar redevelopment plan for the 800 Superior Building in Downtown Cleveland, they turned to Thompson Hine, knowing that we have handled many complex multi-layer public/private finance transactions across the country. Thompson Hine represented 800 Superior, LLC, the joint venture between AmTrust and National General Insurance, in its complex financing and redevelopment program in connection with their collective plans to bring 1,000 new jobs to Downtown Cleveland (most previously out-of-state jobs) and lease the majority of the 21-story 800 Superior Building.
Following acquisition of the 800 Superior Building, multiple sources of public financing were secured to enable the new owner to redevelop and re-tenant what would have been a virtually vacant building at a prominent downtown intersection (East 9th Street and Superior Avenue). The financing and incentive package, with an estimated value in excess of $35 million, included the following funding sources:
- New Markets Tax Credits, with affiliates of 800 Superior, LLC serving as minority tax credit investors, providing additional benefit to those parties
- State of Ohio Jobs Creation Tax Credits
- State of Ohio 166 Direct Loan
- Cuyahoga County Economic Development Loan
- City of Cleveland Citywide Business District Grant
- Tax Increment Financing
AmTrust is pleased with the outcome. “We’re eager to build upon our existing investments in Northeast Ohio and excited to be part of the urban renaissance in Downtown Cleveland, which is in the midst of a sweeping and exciting transformation,” said Barry Zyskind, President and Chief Executive Officer, in AmTrust’s press release issued on December 7, 2011.
Thompson Hine provided legal counsel on the project through a coordinated effort involving lawyers from our Real Estate, Public Finance, Construction and Tax practices. Additionally, Project Management Consultants, a wholly owned consulting subsidiary of Thompson Hine, structured and negotiated the public incentive package on behalf of the client. Thompson Hine is honored to have had the opportunity to play an important role to not only help our clients achieve their business objectives in this transaction, but also to complete a project that will bring 1,000 new high-quality jobs to Downtown Cleveland and revitalize a significant building in the heart of Cleveland’s central business district.