Projects Headline

UB / IOOF Block, Huntington, Indiana

AP Development LLC is partnering with Indiana Landmarks and the City of Huntington in redeveloping the former United Brethren Building and International Order of Oddfellows Buildings in downtown Huntington, Indiana, a 2015 entry on Indiana Landmarks 10 Most Endangered List. Project funding includes Regional Cities, Federal Historic Tax Credits, and Tax Increment Financing, CEED Funding from the Indiana Housing and Community Development Authority and traditional financing. When complete in April 2019, the project will include housing, and art studio and gallery and Huntington University’s entrepreneurship programs.

Rock City Lofts, Wabash, Indiana

AP Development LLC partnered with Partnership for Affordable Housing, Inc. and House Investments in the redevelopment of three historic buildings in downtown Wabash, Indiana.  Rock City Lofts created 41 units of affordable senior housing and improved commercial and retail space on the first floor.  The City of Wabash and the Economic Development Group of Wabash County are contributing funds and support to the project.  The project is the centerpiece of Wabash’s 2015 Stellar Communities Designation.  The project was completed in December 2017.

Central Lofts, Evansville, Indiana

AP Development LLC was awarded $11.5 million in Low Income Housing Tax Credits to develop the former 1913 YMCA in Evansville into 65 units of affordable housing.  As part of the Great Southwest Indiana Regional Development Plan and the Regional Cities Initiative, the YMCA has is building a new $15 million YMCA facility adjacent to Central Lofts.   The $13 million Central Lofts project is being funded through a combination of Federal Low-Income Housing Tax Credits, Federal Historic Tax Credits and Tax Increment Financing.  MartinRiley Architects of Fort Wayne are designing the project.  Anderson Partners LLC is acting as tax credit and real estate counsel on the project.

Former YMCA, Kokomo, Indiana

AP Development LLC was awarded $11.5 million in Low Income Housing Tax Credits to develop the former 1913 YMCA in Evansville into 65 units of affordable housing.  As part of the Great Southwest Indiana Regional Development Plan and the Regional Cities Initiative, the YMCA has is building a new $15 million YMCA facility adjacent to Central Lofts.   The $13 million Central Lofts project is being funded through a combination of Federal Low-Income Housing Tax Credits, Federal Historic Tax Credits and Tax Increment Financing.  MartinRiley Architects of Fort Wayne are designing the project.  Anderson Partners LLC is acting as tax credit and real estate counsel on the project.

Backstay Lofts, Union City, Indiana

AP Development LLC is developing the former Backstay Welt building into 50 units of affordable housing and a center for workforce development.  Partnering with the City of Union City and Work One, Backstay Lofts will include a fully activated workforce development center, community kitchen, community meeting rooms and an arts focus.  The $9 million, 102,000 square foot project is being funded through a combination of Federal Low Income Housing Tax Credits, Federal Historic Tax Credits and Indiana Industrial Recovery Tax CreditsMartinRiley Architects of Fort Wayne are designing the project.  Anderson Partners LLC is acting as tax credit and real estate counsel on the project.  Backstay Lofts is the centerpiece of Union City’s 2017 Stellar Communities Application.

Ben Hur Hotel and Apartments, Crawfordsville, Indiana

AP Development LLC is partnering with the City of Crawfordsville in the redevelopment of the Ben Hur Life Insurance Building in downtown Crawfordsville, Indiana.  The project is the centerpiece of the City’s 2015 Stellar Communities Designation.  Following an approximately $12 million renovation, the revived Ben Hur will include a boutique hotel, restaurant and penthouse apartments operated by General Hotels Corporation.  Funding includes Federal Historic Rehabilitation Tax Credits, Stellar Funding, IHCDA Development Fund, New Market Tax Credits and Tax Increment Financing.  Community Construction is acting as general contractor for the project designed by RATIO Architects.  Wabash College is also participating in the implementation of the project.

Kitselman Flats, Muncie, Indiana

AP Development LLC is redeveloping a portion of the former Indiana Steel and Wire Site in Muncie, Indiana.  The Kitselman Pure Energy Park will include housing, a hotel, solar fields, manufacturing and the new Kitselman Trailhead.    With an investment of approximately $25 million, Kitselman Flats will be the first significant redevelopment project on the site.  When complete, the project will include 120 units of housing, which will complement and enhance the overall mixed-use project.  Construction is expected to begin in 2019.  The Architecture Studio is designing the project, which will be built by Community Construction LLC.

Clark’s Landing, Clarksville, Indiana

Anderson Partners LLC is representing Boston Development Group and Midwest Center for Foreign Investment in the redevelopment of the former Colgate-Palmolive plant in Clarksville, Indiana.  The 55-acre complex of 19th- and 20th-century buildings is the former site of Indiana’s second prison and a landmark Colgate-Palmolive Co. manufacturing plant.  Largely vacant since 2007, the property will be transformed into an $85 million project includes a 120-room boutique hotel, commercial suites, apartments, data center, world market and offices.  Project funding includes Federal Historic Tax Credits, Indiana Industrial Recovery (DINO) Tax Credits, Tax Increment Financing (TIF) and EB-5.

Kitselman Pure Energy Park, Muncie, Indiana

Anderson Partners LLC has secured a $13.5 million award of Indiana Industrial Recovery Tax Credits (DINO Credits) for KPEP Indiana LLC for the redevelopment of the former Indiana Steel and Wire Site in Muncie, Indiana, a 57-acre brownfield site which once contained over 500,000 square feet of buildings.  The $35 million redevelopment includes a new $9 million trailhead to the Cardinal Greenway, the new home of Dannar Power Systems, multifamily and single-family homes, and street retail.  Funding will include Indiana Industrial Recovery Tax Credits and Tax Increment Financing.

SCION Hotel, Louisville, Kentucky

Anderson Partners LLC is acting as legal and financial counsel to the developer in the $75 million renovation of the Kentucky Home Life Building in downtown Louisville, Kentucky.  When complete, the project will include 320 hotel rooms, restaurants and event space.  Development sources include Federal Historic Rehabilitation Tax Credits, Kentucky Historic Tax Credits, Kentucky Tourism Development Credit, and Tax Increment Financing.

North Clark Community Hospital, Charlestown, Indiana

Anderson Partners LLC is acting as counsel and financial consultant to Midwest Center for Foreign Investments and Dhvaj LLC in the redevelopment of the former St. Catherine Hospital in Charlestown, Indaina.  The project is being funded with EB-5, TIF and traditional financing.  The new hospital will operate as a Level 3 trauma center and create more than 100 new jobs.  The project will open in Fall 2018.

Villas at 35 Hundred, Indianapolis, Indiana

Anderson Partners LLC is acting as bond and tax credit counsel and financial advisor to Vapari Real Estate LLC and IMC Development Corporation in the developer of Villas at 35 Hundred, a 130-unit mixed income project on the near northside of Indianapolis.  The $20 million project will be financed with Multifamily Housing Bonds, Low Income Housing Tax Credits and New Market Tax Credits.   Fifty-two units will be private pay independent living, with the remainder carrying affordable rents.  The project will also include 10,000 square feet of retail space.

Shelby High Apartments, Shelbyville, Indiana

Anderson Partners LLC is representing Purple Vetch Properties LLC in its redevelopment of the former Shelbyville High School as 49 units of affordable housing.    Financing for the project will include Federal Historic Tax Credits, Low Income Housing Tax Credits and Multifamily Housing Bonds.

Vigo County Historical Society Museum, Terre Haute, Indiana

Anderson Partners LLC is representing the Vigo County Historical Society in its renovation and rehabilitation of the former Ehrmann Furniture Building in Terre Haute, Indiana as its new Museum.  Work being done includes the renovation and restoration of the brick, limestone sills and historic turret caps on the north facade, along with the restoration of the third floor windows, which are original to the building that was built in 1895.  Anderson Partners is structuring and brokering the investment in Federal Historic Rehabilitation Tax Credits for the project.

Parkview Place/Anderson YMCA

Anderson Partners LLC structured, obtained and closed on tax credit and construction financing for Parkview Apartments, the renovation of the upper three floors of the Anderson YMCA into 30 senior living apartments at a projected cost of $5.9 million. The project received $343,419 in Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority, $500,000 in Federal Historic Rehabilitation Tax Credits, $400,000 in HOME funds from the City of Anderson, and a $300,000 AHP grant from the Federal Home Loan Bank of Cincinnati.  The Episcopal Retirement Homes will manage the facility which was designed by Halstead Architects and will be built by The Model Group. Construction financing for the project is being provided by Huntington National Bank and US Bank provided tax credit equity.

National Rugby Park, Indianapolis, Indiana

Anderson Partners LLC is acting as legal counsel and financial consultant to Rugby Indiana with respect to the development of a $4.7 million rugby complex in the International Marketplace in Indianapolis.  Working with IMC, the project involves redevelopment of 25 acres of land which was formerly a park, soccer fields and auto dealership.  The rugby project is one of several projects currently under developments in the IMC.  Terra Site Development is handling design and construction in cooperation with The Architecture Studio.

Jennings Apartments, New Castle, Indiana

Anderson Partners LLC closed on the financing for the Historic Jennings Apartments in New Castle, Indiana.  The $6 million project includes the revitalization of one of Indiana Landmarks 10 Most Endangered through the use of Federal Historic Rehabilitation Tax Credits, Section 42 Low Income Housing Tax Credits from the Indiana Housing and Community Development Authority and TIF financing from the City of New Castle.   When completed, the Jennings Building will house 20 affordable apartments and four new eateries.  Anderson Partners LLC acted as counsel and co-developer with Historic Properties, Inc., including preparation of the successful tax credit application.  We also represented First Merchants Bank, N.A., which provided the construction financing.  Great Lakes Capital Fund provided tax credit equity to the project.

Turnstone Center, Fort Wayne, Indiana

Anderson Partners acted as CDE and borrower counsel in the $15 million expansion of the Turnstone Center for Children and Adults with Disabilities in Fort Wayne, Indiana.   Funding for the project included $10 million in New Market Tax Credits.  The project significantly expanded Turnstone’s facility, including a Paralympic Training Center dubbed “Turnstone of Tomorrow”.  PNC Bank, Star Financial Bank and Old National Bank provided funding, and the City of Fort Wayne and PNC Bank provided New Market Tax Credits.

Stadium Lofts, Indianapolis, Indiana

Anderson Partners LLC represented Core Redevelopment LLC, led by long-time Indianapolis developer John Watson, in closing on a project agreement and financing commitment with Develop Indy and the City of Indianapolis.  CORE will redevelop Bush Stadium, the historic home of the Indianapolis Indians, into 120 market rate apartments.  The project is part of the City’s 16 Tech redevelopment plan for the expansion of the life sciences base on Indiana Avenue and 16th Street.  The project was a former entry on Indiana Landmarks 10 Most Endangered List.

Andrew Academy, Indianapolis, Indiana

Anderson Partners LLC closed on a $3.6 million Qualified School Construction Bond issue for ADI Schools, Inc. in Indianapolis.  The funds will go to renovate Andrew Academy, a former Catholic school which was converted to a charter school in 2010.  The QSCB structure will result in interest savings of more than $2 million over the life of the bonds.  Anderson Partners acted as bond and borrower counsel, and also structured the financing.  PNC National Association purchased the bonds.

New Community School, Lafayette, Indiana

Anderson Partners LLC closed on a $6 million Qualified School Construction Bond (QSCB) for New Community School in Lafayette, Indiana.  New Community School has operated in multiple locations over the years, and will now be housed in one 40,000 square foot former grocery store on the east side of Lafayette.  Anderson Partners structured and closed the QSCB financing, resulting in a triple net rent to the school of $6 per square foot, a savings of nearly $4 million over traditional financing.  Axis Architecture of Indianapolis designed the renovations, Keystone Construction, also an Indianapolis based company, acted as general contractor.  Upper tier financing was provided by Salin Bank & Trust Company.

Riverwalk Communities, Evansville, Indiana

Anderson Partners LLC closed on tax credit equity for Riverwalk Communities in Evansville, Indiana.  The Liederkranz Building was built in 1911 as the original home of the Liederkranz Maennerchor, a German male singing group popular in Evansville in the late 1800s and early 1900s.  The building was acquired by the Knights of Columbus in 1918, and became home to the Republican Party in 1968.  The project consists of 57,972 total square feet, including a 32,000 square foot addition to the original 25,972 square foot building.  The Kunkel Group, Inc. converted the structure to assisted living housing in a resort atmosphere.  Anderson Partners brokered the 10% Federal Historic Tax Credits and acted as both developer and tax credit counsel.  Prudential Huntoon provided FHA financing.  Total project costs are $9 million.

Charter School of the Dunes, Gary, Indiana

Anderson Partners LLC acted as bond, borrower and tax credit/QALICB counsel in closing a $13 million financing for Charter School of the Dunes in Gary, Indiana.  Charter School of the Dunes is a Ball State University Charter School that currently serves 400 students in long term “temporary“ class rooms.  The financing included $8.3 million in Qualified School Construction Bonds (QSCB) acquired by BMO Harris Bank NA and New Market Tax Credit Equity provided by JPMorgan Chase.  Anderson Partners structured and closed the financing package.  Strategic Development Solutions provided the New Market Tax Credit allocation.  PMLee Companies, a Gary based project management, construction, and development and consulting company, will build the school designed by CDM, an international consulting, engineering, construction and operations firm.

Padua Academy, Indianapolis, Indiana

Anderson Partners LLC closed on a second Qualified School Construction Bond issue for ADI Schools, Inc. in Indianapolis.  The combined $2.6 million will go to renovate Padua Academy, another former Catholic school which was converted to a charter school in 2010 like Andrew Academy.  The QSCB structure will result in interest savings of more than $1.5 million over the life of the bonds.  Anderson Partners acted as bond and borrower counsel, and also structured the financing.  PNC Bank National Association purchased the bonds.

Former Whirlpool Facility- Park 41 Partners, Evansville, Indiana

Anderson Partners LLC represented Evansville-based developer, The Kunkel Group in securing and closing financing to purchase most of the former Whirlpool Corp. plant in Evansville, Indiana.   Whirlpool Corp. will still own roughly a quarter million square feet of the 1.5 million square foot facility, including its product development center.  Anderson Partners is working with Park 41 Partners and The Kunkel Group on additional incentives and tax credits for utilization of the building.

Irvington Community School, Indianapolis Indiana

Anderson Partners LLC closed on a $1.3 million Qualified School Construction Bond for Irvington Community School, a public charter school located in historic Irvington on the east side of Indianapolis.  Irvington Community School now occupies the historic Indianapolis Children’s Guardian Home, which was vacated in 2009.  The City of Indianapolis has leased the building to Irvington School for its prep academy, and the QSCB proceeds were used to upgrade the historic facility.  Salin Bank and Trust Company purchased the QSCB bonds.  The financing resulted in an interest rate below 1% and interest savings to the school of nearly $800,000 over the life of the bonds.

Central Apartments, Huntington, Indiana

Anderson Partners LLC acted as financial and legal counsel to Quality Housing Development, Inc. and Lifestream Services, Inc. on the closing of the Central Apartments project in Huntington, Indiana.  The project includes thirty-five apartments in the former classrooms of Central School, many of which include original features from the school, including blackboards. The project was funded through the sale of Federal Historic Rehabilitation Tax Credits to Great Lakes Capital Fund and Section 1602 Exchange funds from the Indiana Housing and Community Development Authority.

Kunkel Square, Evansville, Indiana

Anderson Partners LLC acted as tax credit and developer counsel in closing on the financing and tax credit equity on Kunkel Square in Evansville, Indiana.  This project renovates the Citizens National Bank built in 1916 as Evansville’s first “skyscraper” at the corner of 4th and Main.  The Kunkel Group, Inc. developed the 10-story building into forty-six luxury apartments and commercial retail space.  Total project costs are $3.5 million. Anderson Partners brokered the 20% Federal Historic Tax Credits and acted as developer and tax credit counsel.

The Project School- Indianapolis

Anderson Partners LLC closed on $3.5 million in financing for The Project School, a public charter school on the near north side of Indianapolis.  The Project School is located in the former National Automobile Factory, which produced the automobile that won the 1912 Indianapolis 500.  The school was financed with a combination of Qualified School Construction Bonds (QSCB) and a New Market Tax Credit loan from IFF.  The QSCBs carry a blended interest rate of 1.25%, while the New Market Tax Credit loan from IFF is interest only for seven years.

The Project School- Bloomington

Anderson Partners LLC closed on bond and tax credit financing for The Project School, a public charter school in Bloomington, Indiana.  Utilizing $1 million in Qualified School Construction Bonds (QSCB) and $1.2 million in New Market Tax Credit funding, the Project School transformed an aging municipal building into an education showpiece.  The QSCB financing carries an interest rate of .38%, while IFF provided an interest only New Market Tax Credit loan.  The City of Bloomington participated through a long term lease on the building to The Project School.  Anderson Partners structured the financing and acted as bond counsel.

Herron High School, Indianapolis, Indiana

Anderson Partners LLC acted as bond counsel on Qualified School Construction Bond (QSCB) financing for Herron High School, a liberal arts based public charter school in downtown Indianapolis.  The Herron High School project consists of the renovation of two historic structures on the former Herron Art Museum Campus at the intersection of 16th and Pennsylvania Street.  Anderson Partners structured a financing package utilizing $4,284,000 in Qualified School Construction Bonds (QSCB), which provide a direct payment subsidy from the US Treasury for nearly 100% of the interest cost of the QSCB. Indiana Bank and Trust Company acquired an A Bond of $4,000,000, and Local Initiatives Support Corporation (LISC) acquired a $284,000 B Bond.  The project was designed by Ratio Architects, with Brandt Construction acting as general contractor.  The financing structured by Anderson Partners LLC will result in interest savings of more than $2.7 million.

Sycamore Plaza, Terre Haute, Indiana

Anderson Partners LLC closed a transaction using New Market Tax Credits to bring a new Barnes and Noble Bookstore and offices for the Indiana State University Foundation to downtown Terre Haute.  Representing developer Vermilion Development LLC from Chicago, IL, and 22 N. 5th Street, LLC, the qualified entity for New Market Tax Credits (QALICB), Anderson Partners structured and closed the complex transaction.  Upper tier funding was provided by the ISU Foundation, the City of Terre Haute (through TIF funds) and the developer, along with New Market Tax Credit equity from Wells Fargo Bank N.A.  The transaction utilized the NMTC leverage model to maximize the impact of their investment of $5.5 million of Qualified Equity Investment (QEI) and bridge the financing gap.

Rushton Apartments, South Bend, Indiana

AP Development LLC, Onyx Llama LLC and South Bend Heritage Foundation, Inc. completed the renovation of the Historic Rushton Apartments in 2013.  South Bend’s original “skyscraper”, the $5 million renovation included 23 units of affordable senior housing and community space.   1st Source Bank provided construction financing and purchased the low income and historic tax credits through Great Lakes Capital Fund.  The City of South Bend also provided TIF financing to the project.  Anderson Partners LLC acted as tax credit and developer counsel.

1733 Meridian Apartments, Indianapolis, Indiana

AP Development LLC and Anderson Partners LLC closed on permanent financing for 1733 Meridian Apartments in Indianapolis, Indiana, located just north of the downtown historic district.  The project was funded through a loan from Merchants Bank of Indiana and tax credit equity provided by Alliant Capital. The project is the renovation and restoration of the historic Spink Apartments.  AP Development co-developed the project with Legacy Urban LLC and Riley Area Development Corporation.  The renovated project opened in May 2013 and is managed by MBA Property Management.