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Enhanced Capital Closes Additional Financing for Philadelphia Metropolitan Opera House

November 23, 2020 Philadelphia , PA

Enhanced Capital is pleased to announce the closing of $6 million in additional financing for the historic Philadelphia Metropolitan Opera House (The Met). Enhanced Capital first supported The Met by providing $9 million of Historic Rehabilitation Tax Credits in 2018. After extensive rehabilitation, The Met reopened and had its first show in December 2018 and has been a considerable success both as a concert venue and as a catalyst for further development in the area. In November 2020, Enhanced contributed financing to the project through the retroactive Property Assessed Clean Energy (PACE) program.

“We are happy to bring retroactive PACE into The Met’s capital stack to strengthen the project,” said Ian McCulley, Director at Enhanced Capital. “We are proud to be a part of the renovation that is giving new life to the building and the surrounding community, with the added benefit of lower energy usage and reduced greenhouse gas emissions.”

The property owner, EBRM, was able to work with Enhanced Capital to take advantage of the retroactive financing available as part of the Philadelphia Energy Authority’s PACE program. PACE is a form of financing where energy efficiency improvements are financed via a special assessment put on the property. PACE offers long-term, low-cost financing that is secured to the property and is non-recourse to the borrower.

“We would like to congratulate Enhanced Capital for yet another successful closing,” said Eric Blumenfeld at EB Realty Management Corp. “EB Realty Management Corp is one step closer to curating the North Broad Corridor of Philadelphia into a global example of successful impact development with neighborhood strength at the forefront of our core belief structure.”

Built in 1908 by Oscar Hammerstein, grandfather of famed lyricist, The Met was celebrated as the largest and grandest of its time. But sadly, The Met did not fulfill expectations, suffering from the economic effects of the Great Depression. The building was closed to the public in the 1950s.

With the help of Enhanced Capital’s Historic Rehabilitation Tax Credit financing in 2018, The Met was restored into a 3,400-seat concert venue managed and operated by Live Nation, the world’s largest music and concert promoter. The new 110,000 square-foot venue can accommodate a variety of live performances, including rock, jazz, R&B, country, Hip Hop, dance, and boxing. The Met now offers new amenities, including an outdoor space, lounge area, and bar, while showcasing chandeliers and terrazzo flooring that are reflective of the original structure.

About EB Realty Management Corporation

EB Realty Management Corporation is a community real estate development firm whose focus starts with a vision of new urbanism, transformation, and inclusiveness.

“When we are able to bring together all stakeholders in a community, whether they are neighborhood groups, new business owners or government representatives and get them to work together towards a common goal that is both positive and sustainable, then, we will have done our job, and done it well!” said Eric Blumenfeld, owner of EB Realty Management.

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