Scope: In 2004, Vanadis Investment Group recognized the property as an ideal candidate for renovation. We were able to fund much of the $5 million development budget through low income and historic tax credits. This funding solution was possible because at the time of renovation, the building needed significant updates to bring it to code and improve the quality of life for its tenants. Additionally, there were historic items that had been covered up during earlier renovations or that were deteriorating without proper care.

Vanadis Investment Group located a new owner in the non-profit Family Service Agency; we then helped the agency acquire the building, reassign the existing HUD HAP contract, and obtain tax credits and other sources of financing.  

Results: Vanadis Investment Group resolved challenging issues throughout this fascinating project. Initially, developers were challenged by the reality that existing tenants needed to live on-site throughout the construction period. Vanadis Investment Group accomplished this by working with the project team to develop a phasing schedule that coordinated the construction work (which moved from floor to floor) with the relocation of tenants to temporary units. Tenants lived comfortably in the temporary units and now are back in their new and improved permanent apartment homes.

Now that the project is complete , the top four stories of apartment units are in excellent condition, and tenants enjoy access to a much-improved community room, dining hall,   leasing office, and laundry facility.