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Everything Old is New Again... new purpose to a historic hotel in mid-America

In April 2014, this project was featured in an article published in the Journal of Tax Credits.


The Situation:
After originally opening in 1928, the former Tallcorn Hotel had become a deteriorated historic hotel in Marshalltown, Iowa, that needed extensive renovation to transform it into the local community’s vision of low-income apartments and commercial and community spaces.  

The Solution:

In order to make the project, now known as “The Tallcorn”, a reality, CommonBond Communities, the Midwest’s largest nonprofit provider of affordable housing with services, had to overcome a number of challenges, including the resolution of complex real estate issues, meeting tax credit requirements that were inconsistent with requirements for other funding sources, and complying with all of the various requirements of funders that provided over 15 different sources of financing, all of which  needed to close simultaneously.  

Winthrop & Weinstine attorneys were an integral part of the process every step of the way. The result was smoothly coordinated financing packages that brought together numerous players and met all of the federal, state, and local requirements for a successful project.  Construction of The Tallcorn was recently completed and it is now one of Marshalltown's largest housing development projects. The residential portion of the $11 million dollar project converted 65 efficiencies and one-bedroom apartments into 42 one-bedroom and seven two-bedroom apartments for lower income residents.  

In Winthrop & Weinstine’s role as developer’s counsel to CommonBond, our attorneys handled the following matters:  
  • Obtaining, monetizing, and structuring low-income housing tax credits, federal and state historic tax credits, and other state tax credits for the project.
  • Structuring and negotiation of documents evidencing debt financing from numerous sources including conventional financing, federal and state affordable housing loan programs, and various local grant/loans.
  • All real estate matters including acquisition of the project property, formation and implementation of a condominium structure on the property, modification and subordination of multiple existing cell tower leases, and environmental issues.
  • Negotiation of construction contracts, architect’s agreement, and all other agreements required in connection with the construction, development and operation of the property.  

The Team:
Winthrop & Weinstine Affordable Housing and Real Estate attorneys, Todd Urness, Jeff Koerselman and Kevin McLain.  

For More Information
Deb Cochran
Direct: (612) 604-6688
Everything Old is New Again... new purpose to a historic hotel in mid-America
 
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