Riggle Capital
Case Studies
Case Studies

Case studies in markets where conventional financing does not reach.

Two live case studies span our core focus areas: for-sale housing in distressed markets and advanced manufacturing & workforce infrastructure.

Restored brick townhomes in East Baltimore

East Baltimore Homeownership Collaborative · Completed

Case Study 01 · For-Sale Housing Finance

For-sale housing in severely distressed markets.

For-sale housing is among the most technically demanding NMTC product types. Few such transactions close nationally in any year, yet it is what distressed neighborhoods need most. We structure them because we are operators, not just advisors.

Appraisal-Gap Mastery
Working command of the structures that make weak-value markets pencil: pre-incurred cost leverage, forgivable subordinate debt, and revolver-based construction finance.
$15M with the Industry's Majors
A $15M for-sale housing NMTC allocation through ESIC and USBank, with USBank as tax-credit investor, alongside City Life Historic Properties and City Life Community Builders, financing East Baltimore's homeownership pipeline.
A Benchmark Deal Team
Novogradac on accounting and Nixon Peabody as counsel, the NMTC industry's benchmark firms, plus working relationships across the CDEs, banks, and investors.
Industrial robotic assembly line
Robotic additive manufacturing cell
Collaborative robotics research lab

AIMM Workforce Academy · Johns Hopkins × Morgan State · In Structuring

Case Study 02 · Advanced Manufacturing & Workforce

AI, robotics, and the manufacturing workforce Maryland needs.

The Artificial Intelligence, Machine Manufacturing / Workforce Development Academy (AIMM/WDA) is a $20.2M rehabilitation of a circa-1875 tobacco warehouse and former roller rink at 1103 N. Washington Street in East Baltimore, pairing Johns Hopkins' AI commercialization engine with Morgan State's makerspace to train 425 Marylanders a year. Riggle Capital leads the capital architecture.

A Manufacturing-First NMTC Thesis
Advanced manufacturing is one of our declared focus areas, from robotic panelized housing production to AI-enabled materials research. We structure NMTC around the operating businesses, not just the real estate.
$13.75M NMTC · $1.2M Capital Grant Secured
$13.75M NMTC allocation; $1.2 million in capital grant funding secured from state and city agencies, and a Harbor Bank NMTC term sheet advanced for the project.
Anchor-Institution Coalition
Johns Hopkins Whiting School of Engineering, Morgan State University, Cross Street Partners, City Life Historic Properties, City Life Community Builders, the Greater Baltimore Urban League, and industry partners including Blueprint Robotics, MEP, and RMI.