Challenge: The complexity of executing on an adaptive redevelopment in downtown. Converting a weekly motel into workable micro-flats for workforce housing.
Solution: Providing funds based on the alignment with the concept of revitalizing downtown Reno and the borrower’s previous performance.
Loan Amount: $3,300,000
Loan Type: Acquisition and Renovation
Term: 12 Months
Alpen Mortgage was contacted by a previous borrower about renovating the old Flamingo Motel into new residential flats. The renovation of this property at 520 N. Center Steet is a great example of bringing new life to an aged building in the downtown area. This reflects Alpen’s commitment to improving our local community.
This project is scheduled to be fully completed and leased by the end of 2022.