May 5, 2015
InSite Capital is excited to announce that we have recently facilitated over $30 million in community redevelopment projects in Michigan and Ohio. With our team’s expertise, we have helped structure complicated, multi-sourced projects and have served as a single source for tax credit project financing.
Take a look at some of our recent projects below. Construction for each of the projects will be complete within the next month. Together, these projects resulted in $13.2 million in historic tax credit and low income housing tax credit equity.
The Kerr Building: Coldwater, Michigan
$5.5 million historic renovation
$800,000 in federal historic tax credit equity
The historic renovation of the three buildings that collectively make up the Kerr Building in downtown Coldwater, Michigan provides for fourteen residential apartments on the second and third floors and 8,000 square feet of commercial space in three separate bays on the first floor.
The three buildings were built between 1882 and 1949, and for a number of years, the Kerr Hardware store and a general mercantile business known as “The Fair” operated on the block. Continuing the trend of historic renovations in the area, the Kerr Building is located adjacent to the Tibbits Opera House, which was awarded the Governor’s Award for Historic Preservation in 2013.
The renovation maintains unique historic features, including hardwood floors, exposed brick, and high ceilings in certain units. Sliding barn doors in the units provide for a more open layout.
InSite Capital assisted in structuring the complicated project and provided construction and bridge loans through The Bank of Holland and The Bank of Northern Michigan and invested in the Federal Historic Tax Credits. The team also located additional funding sources and connected developer Jennifer Wingard to strategic partners throughout the entire process. Ten different funding sources were combined to complete the project.
The Granville Inn: Granville, Ohio
$13.1 million historic restoration
$1.8 million in federal historic tax credit equity
The historic restoration of the Granville Inn in Granville, Ohio results in an ideal blend of old-world charm and modern convenience. For nearly a century, the Granville Inn has welcomed guests to dine, stay, gather and celebrate. First opened in 1924, the inn and full-service restaurant have been a popular venue for weddings, receptions, company retreats, and as a dining and overnight destination for those visiting nearby Denison University.
The bar area and dining room have been renovated, and the kitchen has been expanded and outfitted with brand new commercial equipment. Nine guest rooms were added to the inn, and an elevator was added for improved access between the building’s two floors. The restoration also resulted in full-service meeting spaces, complete with high-end technology and audio-visual equipment. The carriage house has been transformed into an intimate banquet facility, while the updated grand ballroom is ideal for weddings, including reception space for up to 160 people.
InSite Capital worked with developer Denison University to provide support for structuring and utilizing available tax credits and partnered with Park National Bank to co-invest in Federal Historic Tax Credits.
The Gateway Apartments: Fremont, Michigan
$11.9 million renovation into affordable senior housing
$8.9 million in low income housing tax credit equity
$1.7 million in federal historic tax credit equity
The historic renovation of the former Fremont High School results in the opening of The Gateway Apartments, a 38 mixed-income unit Senior Living community.
The school was originally constructed in 1926 and had been maintained as the Fremont High School until its relocation in the fall of 2012 to the newly constructed facility just south of the downtown. The adaptive reuse restores the exterior of the historic building, including restoring the previously-enclosed courtyard to its original configuration. The courtyard will also feature a snowmelt system for ease of walking during the winter months.
The renovation retains unique historic characteristics of the former school, such as original trim, lockers, large and open stairways, and built-in cabinetry as amenities in certain units. High-end features add a special touch to the units, including granite countertops, large windows, and high ceilings. The complex also features a large community room and storage lockers for residents.
InSite Capital worked with developer Home Renewal Systems to structure and utilize available tax credits. InSite provided construction financing through The Bank of Holland and The Bank of Northern Michigan and invested in the Low Income Housing Tax Credits. The team also located an outside partner to invest in the Federal Historic Tax Credits.