Worcester Business Journal

wbjournal.com | Book of Lists 2025 | Worcester Business Journal 9 Banks ....................................................10-11 Credit unions ..........................................13-14 USDA farm commodity subsidies .................. 15 Venture capital deals .................................... 16 SBA lenders ................................................. 17 BANKING & FINANCE A fourth generation Worcester native, Bob Dorfman founded Dorfman Capital in 1990. With a background in banking and tax-exempt bonds, Bob discovered tax credits in 2005 and has since closed and has under contract over 450 tax credit transactions representing nearly $1.5 billion in tax credit equity, many of which have fueled Worcester's renais- sance. To many, he is known as the guru of state tax credits. "Worcester is a primary market for my business," Bob says, noting he now also serves CT, RI, NY, NJ, PA, DC, CO, KS, and TX, "I saw the need for revitalization and redevelopment in Worcester, and I knew that the community would benefit immensely from tax credit equity, which is a government incentive for real estate developers to take on challenging projects." Among the 48 important projects Dorfman Capital financed in Worcester County are Ionic Boy's Club, WPI's Gateway Park, Table Talk HQ, Fallon Health, 204 Main Street, the former Olympic Trophy & Sporting Goods, Madison Holdings' The Revington Apartments, Pennrose's former Mary D. Stone School in Auburn, and Toy Factory Apartments in Leominster. There is still a long runway for Worcester's economic and housing growth. The Healey/Driscoll administration has been a tremendous supporter of tax credit incentives. Local and regional banks can realize tax, investment, and CRA benefits, as well as debt relationship opportunities. Bob became familiar with tax credits when his generational Worcester family business, the Home Oil Company on Southbridge Street, needed help to finance an oil spill cleanup. "In the 1980's it was challenging for my family to invest so much money in an environmental cleanup," he says. "Fast forward to 2008 I became a leader in the MA Brownfields Tax Credit Program, motivated by my family having had that challenging experience." In 1990 Bob read an article in INC magazine that featured a man in a business suit standing next to his kayak on a riverbank. The title read: "The Next Best Thing - The Virtual Corporation - Low Overhead, No Employees, Big profits. Bob became a forerunner in virtual business, and to this day works from home and has a small and mighty team to efficiently facilitate multiple transactions for some of the largest investors and developers in the country. Bob is an entrepreneur, philanthropist, competitive swimmer, father and husband. After 25 years living on Cape Cod, he and his wife Miriam moved to Brookline where the company is based. n Structuring Tax Credit Opportunities for Investors and Developers Bob@DorfmanCapital.com 508-930-8900 Left to Right: Bob Dorfman, Miriam Merari, Josh Kasten, David Khalif S P O N S O R E D B Y

• Cover