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Cotton Mill Apartments
Quick Facts

• Redevelopment of historic series of buildings into 269 unit apartment building with a 25,000 sq. ft. interior courtyard
• $32.5 million financing involving historic tax credits, private equity, and the first use of the HUD 221(d)(4) loan program with condominiums
• Awarded 1997 Multi-Family Rehabilitation Project of the Year Award for entire United States


Winner of the 1997 Multi-Family Rehabilitation Project of the Year Award for the entire United States, the Cotton Mill Project was constructed in the 1882 buildings which originally housed the Maginnis Cotton Mill. The seven historic buildings fill an entire city block, surrounding a 25,000 square foot interior courtyard. The now beautifully-landscaped courtyard is filled with industrial art pieces crafted from the building's former mechanical contents. Original wooden columns and timber ceiling beams, as well as floor-to-ceiling multi-panel windows were retained in the construction of the project's 269 residential rental units. Although 17 new rooftop penthouse condominium units were constructed, the developer was able to maintain the building's listing on the National Register of Historic Places.

Construction financing for the project was provided by a first mortgage loan insured by the United States Department of Housing and Urban Development (HUD). Always positioning itself at the leading edge of the law, the firm’s work on the Cotton Mill Apartments represented the first time that the HUD 221(d)(4) loan program was used to finance a combination multi-family apartment development incorporating a component of “for sale” condominium units. The $32.5 million project also relied upon federal historic tax credits to generate the additional equity investment needed to meet the project's overall construction and development budget. Equity capital was provided by AmerUs Life Insurance Company.

Elkins, P.L.C. acted as real estate, financing, and tax counsel for the project.

 

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