NEW YORK--(BUSINESS WIRE)--R4 Capital, a national affordable housing tax credit syndicator, lender, and asset manager announced today it provided $6.7 million of tax credit equity to Historic Sullivan Lofts, an adaptive re-use and conversion of two historic structures with new construction. The development will provide 40 units of senior housing to the rural community of Sullivan, Indiana.
Coinciding with Sullivan Mayor Clint Lamb’s neighborhood revitalization initiatives, the project will consist of 13 individual addresses covering 4.2 acres. One parcel will be set aside for the creation of a park. The façade of the two historic properties built between the late 1800’s and 1930’s will be restored to their period aesthetic with interiors modernized.
Historic Sullivan Lofts will house residents 55 and older earning up to 60% of the area median income (AMI) and will offer a full suite of social services at no cost to residents. These services include health screening, quarterly resident meetings, holiday events, physical therapy, medication delivery, and home healthcare. Free transportation to off-site services will be provided by Indiana-based Ride Solutions, Inc. Other services include clothing and food pantry referrals, financial literacy and credit counseling, computer training, and exercise and nutrition classes.
In addition to the 9% Low Income Housing Tax Credits and Historic Tax Credits provided by R4 Capital, additional funding was provided by Salin Bank, and IHCDA.
Paul Connolly, Executive Vice President of R4 Capital explains, “Rural communities like Sullivan are looking for ways to improve quality of life with job opportunities and affordable housing availability. Partnering again with the developer, Flaherty & Collins, we are able to provide private financing to assist Mayor Lamb in transforming his city.”
“We are very excited about our partnership with R4 Capital on this Historic Sullivan project,” said Duane Miller, Vice President, Community & Asset Management at Flaherty & Collins Properties, “Our mutual goal of creating and facilitating transformative community development initiatives like this, along with their key community stakeholders, is what we do best.”
R4 Capital has closed or is in the process of closing six transactions in Indiana. Historic Sullivan Lofts is the second closed transaction with Flaherty & Collins with another in the process of closing.
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