Renaissance & GOldman Lofts- ACQUISITION REHAB

126 18th Street & 1625 2nd Avenue, Rock Island, IL  
Units: 52 Residential, Acquisition-Rehab: Preservation of Affordable Housing  
$4.87 Million
GROWTH completed the acquisition-rehab of Renaissance Lofts & Goldman Lofts in November 2020. The effort allowed GROWTH to acquire the properties into one ownership structure, make significant capital improvements, and preserve affordable housing for the future. 

Total project costs exceeded $4.87 million and supported 33 construction jobs. Funding Sources include: 
  • Housing Trust Fund Loan- Illinois Housing Development Authority (IHDA)
  • Subordination of existing loan (made in 2000)- City of Rock Island
  • Community Development Block Grant (CDBG)- City of Rock Island
“Preserving access to safe, quality affordable housing is as vital as creating it. Affordable housing helps families climb the economic ladder, leading to greater community development and job creation. It is imperative we continue our affordable housing preservation efforts to ensure fair and equal access in the future. Our efforts for Renaissance Lofts and Goldman Lofts helps achieve that.” says Brian Hollenback, President and CEO for GROWTH.

“We are thankful for our partnership with GROWTH who has maximized and invested millions of dollars to grow and support affordable housing opportunity throughout Rock Island,” said Mayor Mike Thoms. “This project was a catalyst 18 years ago and successfully spurred the revitalization of downtown Rock Island into a mixed-use neighborhood and will continue to serve as a catalyst to spur additional affordable housing preservation in the future.”

“In addition to protecting long-term affordability, this closing will enable the development team to make critical repairs to modernize these rental communities, enhance their operations and improve quality of life for residents,” said IHDA Executive Director Kristin Faust. “GROWTH and the City of Rock Island have been committed partners in meeting local housing needs, and IHDA was pleased to be a part of this public-private partnership that will ensure the Renaissance-Goldman Lofts will continue to serve Rock Island residents for years to come.”

Below: Both Renaissance and Goldman Lofts received full roof replacements and complete new sets of HVAC, Furnaces, Radon Mitigation Systems, concrete work, masonry, and new exterior paint. 

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Pictured left to right: Jon Davidshofer, Vice President for GROWTH; Kristin Faust, Executive Director for IHDA; Michelle Hall, Property Manager for Home Base Property Management, LLC; and Brian Hollenback, President/CEO for GROWTH.
Above: Kristin Faust, Executive Director for the Illinois Housing Development Authority (IHDA) tours the completion of the Renaissance-Goldman Lofts on March 17, 2021. "GROWTH has a longstanding relationship with IHDA that has been instrumental in its revitalization efforts," says President/CEO Brian Hollenback. "It speaks volumes when I can have Ms. Faust look through one of the windows and Renaissance Lofts, and I can point to many properties that have been revitalized thanks to our partnership with IHDA."

Others pictured: Jon Davidshofer, Vice President who lead the multifamily development efforts and worked closely with IHDA, and Michelle Hall, Property Manager for Home Base Property Management, LLC that is responsible for managing the day-to-day showing and occupancy of the Renaissance-Goldman Lofts. 
PictureAbove: Interior apartment of Goldman Lofts living area and Renaissance Lofts apartment kitchen.. The refinance includes new investment to maintain and update the exterior and interior areas of the building and includes updated mechanical, HVAC, cabinets, counter tops, flooring and exterior windows.