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Mixed-Use Housing Project in West Virginia Seeks $3.4 Million Construction/Mini-Permanent Loan & HTC Bridge Loan

Asset ClassCommercial Real Estate, Multi-Family Housing, Small Business
GeographyWest Virginia
CityMartinsburg, WV
Amount$3,400,000
Financing TypeConstruction/Mini-Perm Loan and HTC Bridge Loan
Interest Areas
Housing
Small Business

A developer seeks a $3.4 million construction/mini-perm and/or a Historic Tax Credit bridge loan to re-purpose a building in downtown Martinsburg, WV into a mixed-use asset with 40 multi-family apartments above ground-floor retail or restaurant space.

Martinsburg is one of the largest cities in West Virginia and has limited downtown housing options with a <4% vacancy rate. The city is centrally located and offers easy access to major transportation centers (right off I-81 and 55 miles from Dulles Airport), hospital facilities (WVU Hospital System in Martinsburg is the largest in the area), and higher education centers (Shepherd University and Blue Ridge Community and Technical College). Companies including Proctor & Gamble, FBI, Amazon, and Navy Federal have recently relocated to the area and offer possible tenants for the building.

The project would catalyze additional redevelopment of the downtown area. Within walking distance to City Hall and the Martinsburg MARC train station, the 40 apartments in the renovated Shenandoah Building will offer a truly unique and unmatched urban living experience. 

The specific opportunities for the financing of this project include:

  • Potential CRA eligibility 
  • $3.4 million construction/permanent loan
  • $2.5 million Historic Tax Credit bridge loan
  • $1.7 million West Virginia Historic Tax Credits
  • $1.4 million Federal Historic Tax Credits.

Additional detail on these opportunities is available upon request. For more information and details, click on the contact button to email the sponsoring organization.

Data provided by

CDFI Fund New Markets Tax Credit Eligibility

CDFI Fund Investment Areas