Properties Magazine March 2017 : Page 33

WELCOME RETURN The building’s old stable area has been converted into an entry space for residential tenants with soft seating and mailboxes. Washington, and taking another nine months, eventually a new historic dis-trict was approved taking in more of northern Ohio City, and enabling an additional $4 million in tax credits. Of course, all third-party reports and testing had to be redone each time plans changed, as HUD required all testing to be done within 90 days of the applica-tion date. Eventually, the entire parcel was funded July 22, 2015 with an FHA-insured loan through Love Funding. “The HUD 221 (d)(4) loan covered both the construction and permanent “We’ve got this Venn diagram representing all the financing components. There are 15 circles representing all the entities involved.” Chris Smythe Smythe Property Advisors, LLC financing needs for the project,” says David Strachan, associate director with Love Funding. “This program offers bor-rowers a 40-year, non-recourse mortgage at highly competitive interest rates.” Additionally, $8 million of historic tax credits were received from the state and the federal government ($4 million from each). “In addition to the amount of time from initial design to actual start of work,” recalls Fluker, “having so many www.propertiesmag.com 33

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