Grace Restaurant

One of the last remaining examples of the architectural master Charles Alexander, the Chestnut Street Church had remained vacant for many years and needed a lot of tender loving care.

In 2009, the church was reborn. It was purchased by restaurateurs who saw an opportunity to create a unique space, blending the church’s sanctity and history with fresh creativity. Creating this space would be very expensive, especially since the owners wanted to preserve the church’s historic character and features.
They turned to Verrill Dana to help them find and negotiate financing to rehabilitate the church. At a time when the market for historic tax credits was tepid at best, we secured and negotiated tax credit investor financing, using a master lease structure allowing the owners to take full advantage of refundable state historic tax credits through one entity while allowing the investors to obtain the benefit of federal tax credits through another entity. The church building now houses Grace Restaurant, one of the most popular new restaurants to open in Portland in some time. Anne Verrill (no relation), owner of the church building and Grace Restaurant, credits Verrill Dana as a key member of the team that brought this church back to life, and her vision to reality.

Anne Verrill, Owner of Grace Restaurant