Properties Magazine March 2017 : Page 32

CENTER OF ATTENTION Apartments are located on four floors, many looking out into a 40-foot-tall atrium with a 50-foot-long, polycarbonate skylight. Comfortable community seating is planned for the first floor. plicate matters, the seller’s partnership involved negotiations with probate court, a time-consuming process. The VPI loan provided Foran and Smythe both pre-development costs and time necessary to apply for a HUD 221 (d)(4) loan on the larger project utilizing Love Funding, an FHA lender. The application is a very lengthy and time-consuming process. HUD kept adding new requirements for soil test-ing and structural testing, and made it known they didn’t favor charter schools as tenants. They were finally approved, but three weeks before final closing, the charter school went bankrupt and moved out. HUD suggested making the building all residential, and plans would change once more. August Fluker, AIA, LEED AP, prin-cipal at City Architecture, first started working on the project in 2012. He pro-ceeded to change the plans once again, making the complex into 95% residen-tial and 5% retail. Apartment count went from 61 units to 83 units. PCS Companies joined the team as well, offer-ing construction contracting services. With the state tax credit having already been sold, Smythe and Foran wanted to also obtain federal credits, but the national historic district did not include Church Avenue. Going to Congratulation to &build, a PCS company and their great staff on the completion of the West 25th Street Lofts in the Ohio City Historic District. STEINGASS Mechanical Contracting, Inc. 330-725-6090 / 24-Hour Service 32 SERVING NORTHERN OHIO FOR 45 YEARS Properties | March 2017

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