Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.8 million loan for the conversion of a commercial high-rise building in downtown Montgomery, Alabama into market-rate loft apartments. Historic Bells Lofts will offer 88 one- and two-bedroom apartments, along with 4,478 square feet of white box commercial space, in what was formerly known as the Bell Building. The 12-story high rise was the tallest in downtown Montgomery when it was built in 1907, with some aspects of the building inspired by Louis H. Sullivan’s Wainwright Building in St. Louis. The building was added to the National Register of Historic Places in 1981, and today sits across the street from the Rosa Parks Library and Museum. Senior Director Holly Bray of Love Funding’s Washington D.C. office secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corporation, and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP are developing the property with WDG Construction and Development Services, a full-service firm with extensive HUD and rehabilitation experience. They will lead a near-gut rehabilitation and replace all of the mechanical systems. Historic Bell Lofts is designed by the Rosemann & Associates architectural firm. MacRostie Historic Consultants will assist with the federal and state historic tax credit certification and will work with the Alabama Historical Commission to ensure the rehabilitation follows state standards. For more information, contact Holly Bray at (202) 887-1849.
Sub Rehab Financing for Market-Rate Loft Apartments