Lofts on Main
Overview
| Deal Type |
Construction |
|---|---|
| Size |
$14.3 Million Adaptive Reuse and New Construction |
Summary
Lofts on Main is an affordable housing property located in Plattsmouth, NE. that combines new construction of an apartment building with the adaptive reuse of a school building. The development will contain a total of 41 one-, two-, and three-bedroom apartment units, which includes 16 three-bedroom units. The newly constructed building will be wood framed with flat roofs on a concrete slab foundation and will offer a community room, storage, and a leasing office. Thirty-two of the units will be income-restricted to 30%, 40%, 50%, and 60% or less of the area median income (AMI). The remaining nine units will be unrestricted market rate units.
KeyBank Community Development Lending and Investment provided $14.3 million in financing. The development also received support from WNC, which provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding, as well as Advantage Capital, which provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority (NIFA) and the City of Plattsmouth also provided funds.
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