Meet Our Team

Philip D. Estep


Phil Estep HEIBeginning in 1974 as a pioneer of loft conversion in the Soho district of New York City, Phil Estep has over 40 years of experience in adaptive reuse of historic properties. For 15 years in Paris, France, he renovated historic properties (up to 300-hundred- years old) as a design-build contractor and investor. Several renovations and a new-construction 5-story townhouse in Montmartre were featured in French architecture magazines.

In 2001, back in his native St. Louis, Estep founded Historic Equity, Inc., an investment and consulting corporation specialized in Historic Tax Credit projects. Services include: historic property acquisition; financial modelling; team assembly; deal structure; federal and state Historic Preservation Tax Credit applications; administration Tax Credits through issuance and sale; Owner’s representation before governmental and administrative authorities; and monetization of State Historic Tax Credits to maximize their value to projects.

Historic Equity, Inc. has worked on over 100 projects with Qualified Rehabilitation Expenditures of over $600 million.

Estep has held real estate agent licenses in Washington, D.C., Maryland, and Virginia, and is a Missouri Broker.

Elise KElise L. Knobeloch


Knobeloch has a BA in Political Science from McKendree University and a BA in Accounting from Webster University in 2016.

Her responsibilities at HEI include business development, organizing and assisting with all phases of an historic tax credit project partnered with HEI, research of individual state regulations, and oversight of compliance.

Mary H. Carpenter


Carpenter received her BA in Art History from Washington University in St. Louis and a MA in Valuation Sciences from Lindenwood University.

Her responsibilities at HEI involve billing and bookkeeping, submitting and collecting tax reporting information, and supervising the daily activities of the business.

Before joining HEI, Carpenter worked as a Fine Arts Appraiser for over three decades.

Michael H. Carpenter

Project Manager

Michael Carpenter is responsible for Information Technology and serves as Webmaster for Historic Equity, Inc. and several affiliated websites. 

Michael also is Project Manager for historic rehabilitation projects where Historic Equity participates as State Historic Tax Credit Investor