Historic Lofts in Cleveland a Reward for Persistent Developers

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.”

The property, the focus of a Novogradac Journal of Tax Credits article in 2015, opened in 2016.

Smythe and Foran purchased the property in 2008, then the real estate market–and economy–tanked. Eventually, they turned to Love Funding, which put together a HUD 221(d)(4) loan with a Federal Housing Administration (FHA) guarantee and expanded the development.

Continue reading in Novogradac Journal of Tax Credits

Source: Novogradac Journal of Tax Credits

Volume 8 Issue 2

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