Role: Lead developer, GP, Property Manager, General Contractor
Capital Stack: Short-term seller carryback, GP equity, state tax credit equity, USDA REAP grant, KHRC MIH grant, construction loan, perm loan
Challenges: Originally constructed in 1890, the 7,000 sqft 2nd floor of this building had remained vacant and unfinished since the 1970’s. Located in a rural community, Frontier led the effort to place this building on the national and state registry to qualify for tax credits. Our team successfully navigated closing and secured financing during Covid-19. The building shares a wall with Alma City Hall and renovation plans were designed in a collaborative effort with city staff so the new apartments would not interfere with city administration. MIH Funding ensures that all apartments remain affordable for households making between 60-150% AMI.
Awards won: Kansas Preservation Alliance Award of Honor