R4 Capital Provides $6.7M Tax Credit Equity for Adaptive Reuse Community in Indiana

by Jeff Shaw

SULLIVAN, Ind. — R4 Capital has provided $6.7 million of tax credit equity to Historic Sullivan Lofts, an adaptive re-use and conversion of two historic structures. The development will provide 40 units of seniors housing to the rural community of Sullivan.

The project will be built on 4.2 acres. The façade of the two historic properties built between the late 1800s and 1930s will be restored to their period aesthetic with interiors modernized.

Historic Sullivan Lofts will house residents 55 and older earning up to 60 percent of the area median income (AMI) and will offer health screening, quarterly resident meetings, holiday events, physical therapy, medication delivery and home healthcare at no cost to residents.

In addition to the 9 percent Low Income Housing Tax Credits and Historic Tax Credits provided by R4 Capital, Salin Bank and IHCDA provided additional funding.

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