The Mansion on Main
is a historic preservation and adaptive reuse project in the historic mansion row district in revitalized downtown New Albany, IN. A once M. Fine and Sons shirt factory, the building has been renovated into 108 “historic and modern” assisted living apartments with a wide variety of amenities and support services for older adults. A significant portion of tenants are Medicaid users.
The building has been placed on the National Register for Historic Places under two criteria: (i) association with industrial manufacturing in southern Indiana from late 19th century through late 20th century; and (ii) as an example of early twentieth century industrial construction. It has garnered prestigious state awards, including the New Albany Historic Preservation Facelift Award and the Indiana Historic Preservation Award for an outstanding rehabilitation tax credit project. The project was awarded federal historic tax credits and Indiana “DINO” credits under the Indiana Industrial Recovery Tax Credit program.
The renovation of this once blighted industrial structure involved extensive exterior and interior rehabilitation, including restoring all of the original industrial windows, which included 7,310 individual panes of glass. The interior now comprises 108 assisted living units with a variety of floor plans. Amenities include a restaurant/dining room, library, chapel, game room, theatre room, fitness center, yoga studio, beauty salon, and walking park and gazebo, among others. The property was purchased and renovated by DF Development, LLC, an experienced developer and property manager of multifamily residential projects throughout the greater Louisville and southern IN region. The facility is operated by Vitality Healthcare Services, LLC.
HOPE provided an equity/bridge loan of around $1.7 million and about $6 million of the $11.4 million construction/mini-perm loan, with the total project cost being approximately $16 million. Bank participants from HOPE include: Citizens Union Bank, First & Peoples Bank, Farmers National Bank of Danville, Federation of Appalachian Housing Enterprises (FAHE), Hyden Citizens Bank, Farmers & Traders Bank, Farmers State Bank of Booneville, and Owen County State Bank. Old National Bank is the tax credit equity investor and co-lender with HOPE on the construction and mini-perm loans.