Foss & Company Supports Adaptive Reuse of Historic Dunbar School

Redevelopment in Lexington, NC, to deliver new housing, community amenities and more than $5.9 million in federal and state historic tax credits

CHARLOTTE, N.C., Oct. 8, 2025 /PRNewswire/ -- Foss & Company, a leading tax equity syndicator, today announced its support for the adaptive reuse of the historic Dunbar School in Lexington, NC. By providing federal and state historic tax equity financing, along with a bridge loan, Foss & Company is helping to transform the long-vacant Mid-Century Modern school into 66 market-rate apartments and a 25,000-square-foot community center leased to the City of Lexington.

The community center, featuring a modernized indoor basketball gym, outdoor tennis and pickleball courts, a running path, outdoor grills, and several acres of ballfields, will provide a valuable amenity to residents and the broader Lexington community. The project represents Foss & Company's seventh partnership with this development team, underscoring the company's strong relationships and continued commitment to supporting meaningful historic rehabilitation projects.

"This project embodies the dual mission of historic preservation and community revitalization," said Eric Brubaker, partner and managing director, Foss & Company. "Dunbar School will deliver high-quality housing while creating lasting community assets through its partnership with the City of Lexington. We are proud to continue our successful relationship with this development team and to support projects that preserve our nation's history while driving economic growth."

Upon completion, the redevelopment is expected to generate approximately $3.09 million in federal historic tax credits and $2.86 million in North Carolina historic tax credits.

"Our vision for Dunbar School is to honor its legacy as a place of learning while transforming it into housing and a community hub," said Kenneth Reiter, president, Belmont Sayre. "With Foss & Company's partnership, this historic property will once again serve as a vibrant asset for Lexington residents for generations to come."

The project is being developed in partnership with Preservation North Carolina, whose protective covenants and rehabilitation agreement will ensure the preservation of the school's cultural and architectural integrity.

"This property holds both cultural and architectural significance for central North Carolina. It was built in 1951 for Black students in the Modernist-style at the beginning of racial integration of schools, and its progressive style – including its octagonal library – sought to convey new higher standards for its students," says Benjamin Briggs, president and CEO, Preservation North Carolina. "This project is also a reminder that historic preservation requires patience. This property was donated to the organization in 2009, but initial plans by the Catholic Diocese of Charlotte did not come to fruition. Thanks to their generous donation of the property back to PNC, we were able to regroup, the results of which we celebrate with this sale."

"Preservation NC worked with members of the community, City staff and the new owners as they developed their plans for this significant historic school," said Cathleen Turner, Piedmont regional director, Preservation NC. "Our commitment to identifying an experienced developer with an appreciation of the site's history and the vision to incorporate public and private residential uses has paid off with a project that endeavors to maintain the connection between the community and the school site."

Originally built in 1951 and named in honor of poet Paul Laurence Dunbar, the school stands as an important cultural and architectural landmark. Through this redevelopment, the building will be preserved in accordance with the Secretary of the Interior's Standards for Rehabilitation of Historic Properties.

ABOUT FOSS & COMPANY

Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $9 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

SOURCE Foss & Company