The Foundry Apartments represents a milestone project for HOPE, considering the size and complexity of the deal. The project was developed by Winterwood Inc., one of HOPE’s top clients and the largest management company of affordable housing in the state with more than 10,000 units.

The Foundry apartment complex is located just south of Shively in the south end of Louisville. It features 198 units consisting of combinations of one, two, and three-bedroom units for families whose income is below 60% of the area median income. Those families pay no more than 30% of their income toward rent and utilities. The units are energy efficient and the complex includes a community gym, an event room and computer labs for the residents and children.

HOPE provided construction financing for the project through the purchase of tax-exempt bonds issued by the Kentucky Housing Corporation (KHC). PNC Bank is the tax credit equity investor and bridge lender and a bank from Cedar Rapids, Iowa is the permanent lender; Louisville Affordable Housing Trust Fund is the secondary lender. Bank participants from HOPE included: American Bank & Trust Co, Central Bank, Eclipse Bank, Heritage Bank, Limestone Bank, River City Bank, and WesBanco Bank.

Puritan Apartments is another notable project for HOPE that was also financed through the issuance of tax-exempt bonds by KHC. It represents the largest loan HOPE has made for affordable housing renovation at approximately $24 million. Total project cost was around $43 million.

The property was purchased and renovated by SOCAYR Inc., whose affiliate, Beacon Property Management has managed the property for 20 years. SOCAYR and Beacon are one of the largest affordable housing managers in Kentucky, overseeing over 3,500 units across the commonwealth.

Puritan is a historic property in Old Louisville that was built as a hotel in 1910 and was converted to residential housing in 1979. The site spans 2.5 acres and consists of a 6-story residential building and a small parking garage. The apartments are restricted to elderly or handicapped residents and consist of 247 units – 84 studio units and 163 one-bedroom units. The property is subject to a Housing Assistance Payments contract, which caps tenants’ rent payments (including utilities) at 30% of their income.

HOPE is both the construction and permanent lender on this project, with around $24 million and $10.5 million in loan amounts, respectively. Bank participants from HOPE include: Citizens Union Bank, Field & Main Bank, Eclipse Bank, First & Peoples Bank, and Central Bank. Boston Financial is the equity investor in both low-income housing credits and historic tax credits.

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.