Seeking Private 1.5 Million Funding For 58 Unit School Conversion

[Andy Hughes]

My partner and I purchased a 90,000 sq ft school building in Elmira, New York. We are putting 58 market rate apartments in the building along with a tap room, cafe, and fitness center. We have completed the majority of the demo for the project. We have received a Restore New York grant for $1,000,000 and will be receiving a bridge loan from Chemung Counties Industrial Development Agency along with a 20 year tax abatement program. We are seeking hard money funding for the first phase of the project. This phase will include 20 apartments, fitness center and cafe. This portion of the project has a budget of $1,800,000 and a time frame of one year to complete. At the conclusion of this phase we will lease up those units and refinance with a traditional lender. We have all needed drawings and designs for permitting and have county and city planning board approval secured.