• This project was designed to be a catalyst of revitalization for the surrounding neighborhood, while also providing a hub for local nonprofit resources and training.
• 150-unit, 8-story apartment building, part of a mixed-use project that includes apartments, offices, a café and a nonprofit collaborative.
• The first phase of the project will include these apartments and the nonprofit working space. Later phases will include office space and services such as early childhood education.
• Funding is through a public-private partnership that includes FHA insurance on the loan, new market and historic tax credits, and donations toward the nonprofit collaborative.
• St. Luke’s Hospital had been vacant for 7 years prior to this project.
• Experienced and well capitalized sponsor, including local business leader Maxine Clark, founder of the worldwide retail chain Build-a-Bear.

Sources of funds include:

• FHA 221(d)(4) Substantial Rehabilitation Loan ($21.5 MM)
• City Tax Abatement for 15 years
• Federal and State Historic Tax Credit Equity
• Bridge Loan
• Deferred Developer’s Fee

Total Construction Cost: Approx. $25.7 MM

Scope of Work includes:

• Renovation and adaption of existing historic buildings
• Unit amenities will include: manufactured stone kitchen countertops, a full kitchen appliance package including microwaves, in-unit washer/dryer, and carpet and vinyl plank flooring.
• After rehabilitation, the building will no longer look like a hospital; rather, it will look like a desirable apartment community.

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