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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
Narrative
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
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
(CDBG) |
$778,000.00 |
Ohio Department of Development
(HDAF) |
$189,000.00 |
| 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
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| Funds: OEF II |
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