Commission delivered final report to Congress on June 28, 2002
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Renaissance Apartments

Renaissance Senior Apartments Limited Partnership
 419 North St. Clair Street Toledo, OH 43604
 54 Units, Rehab, Elderly
Asset Manager Staff : Lori Development Staff : John

Bedroom Mix
51 One-Bedroom Units, 3 Two-Bedroom Units

The former Renaissance Hotel in downtown Toledo is a critical element of the revitalization and cultural development of the city. The four-story building, which was converted to senior citizen housing, adjoins the Valentine Theater and its entrance and lobby are located in the Renaissance building. Thus, it was a joint venture of the city and cultural community to preserve the buildings. National Church Residences, the sponsor, worked with the Area Office on Aging of Northwest Ohio to assure that services are available to the residents.

Development Team
National Church Residences Management Company
National Church Residences Developer
James Gribben Co. Builder/Contractor
National Church Residences Sponsor
Berardi-Plaisted Architects Architect

OEF Equity Fund Sources
OEF II $1,675,201.00

Equity Fund Sources
National City Bank $338,988.00
Total Equity Sources: $2,014,189.00

Non-Equity Fund Sources
Mid American National Bank & Trust Co. $450,000.00
City of Toledo
Ohio Department of Development
Other $273.00

Total Non-Equity Sources: $1,417,273.00

Total Sources: $3,431,462.00

Financing Uses
Land Cost $1.00
Building Acquisition $0.00
Site Work $0.00
Hard Construction Costs $2,405,000.00
Soft Construction Costs $628,461.00
Development Fee $300,000.00
Construction Loan Interest $50,000.00
Reserves $48,000.00
Bridge Loan Interest $0.00
Total Uses: $3,431,462.00

Funds: OEF II

The page was last modified on October 2, 2001