Following the recent ribbon-cutting ceremony, the historic rehabilitation of the Prince Hall Masonic Temple in Atlanta, Georgia, has been completed, marking a major milestone in the preservation of one of the city’s most significant African American landmarks. Originally constructed in 1937, the Temple has served as a hub for Black enterprise and civic leadership including WERD, the Nation’s first black-owned radio station, and the offices of the Southern Christian Leadership Conference (SCLC), whose leader Martin Luther King, Jr. worked in the building for many years.
The lodge located at the intersection of Auburn Avenue and Hilliard Street was home to the local Prince Hall Masons, a fraternal organization founded in 1775 by former slave and civil rights activist Prince Hall. The Prince Hall Masonic Temple and Lodge was developed by John Wesley Dobbs, a mason who was considered the unofficial mayor of Auburn Avenue. Decades later, his grandson — Maynard Jackson Jr. — became Atlanta’s first Black mayor, and the first Black mayor of a major Southern city.
The $13 million rehabilitation was made possible through numerous sources of financing that included Federal and Georgia Historic Tax Credits and Federal New Markets Tax Credits (NMTCs). Brian Wishneff & Associates (“Wishneff”) served as tax credit advisor to the Masons, structuring and managing the project’s tax credit strategy and programs. Wishneff facilitated more than $7.4 million in tax credit equity proceeds and arranged a tax credit bridge loan, aligning three tax credit investors, two Community Development Entities with NMTC allocation, and a bridge lender to structure and successfully close the complex transaction.
“The Prince Hall Masonic Temple project had a very complicated deal structure with numerous capital sources”, said Edward Bowen, Project Manager for the Masons. “Wishneff developed and implemented a thoughtful approach that accommodated the interests of all parties involved and permitted the use of all funding sources including Federal New Markets Tax Credits and Federal and Georgia Historic Tax Credits.”
“It was an amazing opportunity to be involved in such an iconic project”, said Erik Wishneff, CEO of Brian Wishneff & Associates. “While the funding sources for this project were complex, we were able to navigate the requirements of each financial partner to development an approach that worked for all parties.”
The revitalized building will serve multiple community and civic purposes. The first floor will house the National Park Service, with exhibits reinterpreting the historic office spaces, including those associated with the SCLC. The second floor will become the new home of the Center for Civic Innovation, while the third floor will continue to serve as meeting space for the Masons and be made available for broader public use.
