Historic Rehab Project

[Ryan Smith]

Investment Info:

Mixed Use investment in Ithaca.

Mixed-Use Historic Rehab. Construction of 4 new apartments in a functionally obsolete historic building. Updated 2 commercial spaces. We used grant monies to offset the construction costs. Michigan Community Revitalization Program (MCRP) performance-based grant was used to help facilitate the construction of four new loft apartments and updated the ground floor commercial spaces in downtown Ithaca Michigan.

What made you interested in investing in this type of deal?

We specialize in historic rehab projects.

How did you find this deal and how did you negotiate it?

Found the building listed on the MLS.

How did you finance this deal?

Private Equity. Bank Financing. MEDC - CRP Grants.

How did you add value to the deal?

Invested around $1Million into a functionally obsolete building.

What was the outcome?

4 new residential apartments and 2 updated commercial spaces. Revitalized downtown area.