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Construction/Permanent Loan & HTC Bridge Loan for Atlas Building Apartments in Charleston, WV

Asset ClassMulti-Family Housing
GeographyWest Virginia
CityCharleston, WV
Amount$4,750,000
Financing TypeConstruction/Mini-Perm Loan & Historic Tax Credit Bridge Loan
Interest Areas
Housing

Our development team seeks to capitalize on the significant undersupply of market-rate housing in downtown Charleston, West Virginia. It is estimated that there are fewer than 200 downtown market-rate units for an MSA of over 200,000 people, making it no surprise that occupancy rates are consistently 100% with long waiting lists. Located a short walk from the bustling Capitol Street corridor, the 49 apartments in the renovated Atlas Building will represent the premier downtown living option for the City, satisfying a small portion of the pent-up demand for downtown housing. As the state capital and home to Charleston Area Medical Center and over 7,500 college/university students, Charleston has a critical mass of economy that has and will remain, despite the coal-related losses throughout West Virginia (which have stabilized). Over 13,000 of these state employees, medical professionals and other technical & white collar positions work within 1 mile of the Atlas Building, providing a hyper-local pool of prospective tenants. The renovated Atlas Building will reveal and capitalize on this population’s demand for quality, downtown apartments.

Members of our development team have been involved as owners and consultants in more than 2.5 million square feet of historic renovations, representing over $2 billion of private investment and over $500 million of tax credit equity realized. Additional detail on our team’s experience is included in the attachments and can be provided upon request.

The specific opportunities for the financing of this project include:

- $4.75 million construction/permanent loan

- $2.4 million Historic Tax Credit bridge loan

- $1.8 million WV Historic Tax Credits

- $1.5 million Federal Historic Tax Credits.

Significant detail on these opportunities is provided in the attached documents.

***This project is considered CRA elgible. Ask for additional details!

 

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

Data provided by

CDFI Fund New Markets Tax Credit Eligibility

% of Area Median Income: 
112.78%
Poverty Rate: 
34.90%
Unemployment Rate: 
11.10%
SBA HUBZone: 
Qualified HUBZone
Medically Underserved Area: 
Medically Underserved Area

CDFI Fund Investment Areas

High Population Loss: 
Low Population Loss (Metro & Non-Metro)
Total Population: 
1,049
% of Area Median Income: 
50.74%
Unemployment Rate: 
3.4%
Poverty Rate: 
34.3%

CRA Eligibility

CRA Eligibility: 
Not Eligible
% of Area Median Income: 
112.78%
Minority Population: 
297

BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)