Ariel Ventures, LLC, a 100% women-owned and minority firm founded in Cleveland in 2001, provides finance, tax, IT and business advisory services to renewable energy, real estate, small business, international business, and economic development projects. Ariel Ventures structures multi-layered project financing in public-private partnerships, that combine comprehensive economic development financing incentives to attract businesses and stimulate economic development in Ohio and in other states nationally and works closely with government agencies, port authorities, US and international chambers of commerce, economic / community development corporations, investors and developers.
Ariel Ventures has provided financial and business advisory services for over $1.5 billion in public-private finance transactions. A key focus of Ariel Ventures is helping businesses, real estate developers, non-profit and government organizations identify and utilize a variety of federal, state, local tax credits and incentives including New Markets Tax Credits (NTMC), Renewable Energy Tax Credits (RETC) and Incentives, Historic Tax Credits (HTC), Conservation Easements, tax increment financing (TIF), HUD loans, Brownfield financing, other public grants and loans as well as private equity and bank loans.
The partners of Ariel Ventures have gained national recognition as experts in the New Markets Tax Credits (NMTC) area and have pioneered the development of the first state-of–the-art comprehensive NMTC compliance, reporting and CDE management software application in 2003, which has been approved for integration with the CDFI Fund’s (Treasury Department) online community impact reporting system, and is used by Community Development Entities nationally for compliance, reporting and operations.
Ariel Ventures also helps US companies meet the challenges of operating in a global marketplace by providing international business services including, entry strategy, finance and tax, transfer pricing, exports and imports, economic development finance, and real estate and renewable energy development projects, with a focus on US, India and China. Ariel Ventures has wholly-owned subsidiaries in India and China.
In 2003 Ariel Ventures collaborated with the Cleveland-Cuyahoga County Port Authority to create a Community Development Entity and was successful in securing a total of $100 million in NMTC allocations, since 2003, for making investments in the low income communities of Northeast Ohio. Ariel Ventures also collaborated with other entities including National City Bank, University Circle Cleveland; Kentucky Inter-local School Transportation Association, St. Louis Development Corporation; Michigan Magnet Fund; Citywide Dayton and helped obtain over $600 million in NMTC allocations. Ariel Ventures manages the transaction structuring, financial modeling, compliance and reporting for several such community development entities and projects across the country.
The partners of Ariel Ventures have co-developed a historic 50,000 s.f. building as office and research/lab facility along Euclid Avenue in the Cleveland Health Tech Corridor, designated as an Ohio HUB of Innovation and Opportunity. They are also developing another historic 70,000 s.f. building, located on East 40th Street and Lakeside, into the Ariel International Center to create a one-stop international business incubator, office, and an international business and intercultural event center in Cleveland. They are pursuing real estate development and renewable energy opportunities in India, capitalizing on recent economic growth trends and the continued liberalization of governmental regulations related to direct foreign investment in India.
Ariel Ventures has organized several events and programs, inbound and outbound trade missions, and seminars, including “Opportunities for US companies in doing business with India”, “Economic Development Incentives for Real Estate Developers,” which included speakers from the State of Ohio, Cuyahoga County, City of Cleveland and Team NEO, and has provided NMTC and RETC training and presentations to banks, law firms, investors, developers, governmental agencies, not-for-profit organizations and other community development organizations.
The partners of Ariel Ventures are dedicated to economic development, community development and to charity. A portion of the profits of Ariel Ventures is donated to Ray of Light International, Inc., a charity co-founded by the partners of Ariel Ventures, to provide food, clothing, shelter, medicine and education for destitute women, children and the aged, with a focus on third world countries.
Project experience includes :
- $10.6 million mixed-use development project in Grand Rapids, Michigan, which combines New Markets Tax Credits, federal Historic Tax Credits, state Historic tax credits, State of Michigan Brownfield tax credits, federal HOME funds, and conventional financing. The project includes the rehabilitation of four historic buildings into 23 1,500 square foot live/work apartments reserved for Low-Income artists set above 12,410 square feet of commercial space that will house art galleries, studios, a cafe and a catering business. The city of Grand Rapids also committed $2 million for improvements to the streets and sidewalks around the project.
- $4.2 million redevelopment project in Detroit, Michigan consisting of 15,300 square feet of retail space, including New Markets Tax Credits, HUD Section 108 loans, federal historic tax credits and state historic tax credits.
- $25 million urban mixed-use development project located in Cleveland, Ohio, including 170 condominiums, townhouses and live/work lofts, parking garage and retail. Financing includes New Markets Tax Credits, Community Development subordinated loan, Port Authority Bonds and conventional financing.
- $18 million mixed-use historic rehabilitation project located in Cleveland, Ohio, consisting of 178,000 square feet, including 77 residential units and 26 extended stay suites, along with 4,000 square feet of retail. Financing includes New Markets and Historic Tax Credits.
- $5.2 million redevelopment project located in Detroit, Michigan, including HUD Section 108 loan, New Markets Tax Credits, Historic Tax Credits, HUD EDI grant, LISC CDAC grant, State of Michigan Catalyst grant and City of Detroit grant.
- $45 million film and television studio complex, located in the North Lawndale neighborhood on the West Side of Chicago. This modern facility will contain approximately 222,190 square feet of total building area developed on 11 acres of vacant land. The complex will also include a three-story production office building, a 21,660-sq. ft. mezzanine area for production support, and a landscaped parking lot for approximately 450 parking spaces. Financing includes New Markets Tax Credits, Illinois Finance Authority Empowerment Zone Revenue Bonds, City of Chicago Tax Increment Financing (TIF) (as leveraged lender in NMTC structure), State of Illinois grants and private equity.
- $30 million mixed-use retail and office project in Pittsburgh, Pennsylvania, utilizing New Markets tax credits, subordinated debt and a partnership with a non-profit community development corporation. The 111,000 sq ft complex will house a Walgreen's, Starbucks, and other retail offices. The project is expected to create 100 permanent jobs and 75 construction jobs.
- $93 million redevelopment of 120-acre former steel mill site in Cleveland, Ohio, including New Markets Tax Credits from two CDE Allocatees, Tax Increment Financing (TIF) and conventional financing.
- Feasibility study and financial projections for a state-of-the-art $40 million athletic and recreational complex in Cleveland, Ohio utilizing various state and local incentives, corporate and foundation grants and New Markets Tax Credits.
- $185 million mixed-use rehabilitation project renovating 643,000 square foot building including 455 hotel rooms and 67 for-sale condominiums in Detroit, Michigan, using a combination of HUD Section 108 loans, City of Detroit Redevelopment Loan, City of Detroit Remediation Loan, Wayne County loan, State of Michigan grants, federal historic tax credits, state historic tax credits, and conservation easements and New Markets Tax credits.
- $10 million non-profit museum project that includes operating projections, rehabilitation of multi-use building, utilizing Historic tax credits, Conservation easements and foundation grants.
- $6 million leveraged New Markets Tax Credit financing for a University expansion in Cleveland, Ohio combining Port Authority bond financing with New Markets Tax Credits.
- $22 million mixed-use retail and rental housing development in Cleveland, Ohio, which combines Historic and New Markets Tax Credits, City of Cleveland CORE City loans, Cuyahoga County Brownfield loan, and Tax Increment Financing (TIF).
- $17 million city redevelopment project in Piqua, Ohio, that includes Historic tax credits, Conservation easements, State of Ohio grants, foundation grants, and New Markets Tax Credits.
- $3 million commercial real estate redevelopment project located in Muncie, Indiana for a 21,000 sq. ft. 3-story retail and office with combination of NMTC, Federal and State of Indiana Historic Tax Credits.
- $8 million development project located in Grand Rapids, Michigan, for a non-profit developer, utilizing New Markets Tax Credit, federal historic tax credits, Michigan Brownfield tax credits and Michigan state historic tax credits.