By Brad Stanhope
February 8, 2017
Planning for the West 25th Street Lofts, an 83-luxury apartment complex with a commercial component, began in 2008. It is open, thanks in large part to state and federal historic tax credit (HTC) equity and a HUD 221(d)(4) loan guarantee. Those financial tools helped overcome the Great Recession, a landmark historic tax credit ruling and other issues faced by the developers in the now-chic Ohio City neighborhood.
The building has 83 historic apartment lofts with modern amenities. “It’s good to see it come to fruition and see the way you envisioned things do in fact materialize,” said Rick Foran, the owner of Foran Group Development and co-developer with Chris Smythe of Smythe Property Advisors. “It’s as good as we thought and maybe better.”