Historic Elmer Roberts Building in Montana
The subject property consists of a 4-story masonry building set on a limestone foundation, built in 1916-1917. Originally constructed as a hotel, with 99 rooms, the building is a prominent fixture in the City of Great Falls, Montana. It was subsequently converted to a 60-unit apartment complex in the mid-1980s and was listed in the National Register of Historic Places (NHRP). There are also commercial storefronts along the first-floor street level(s). Partner was engaged by CPP Housing to assist with due diligence in support of the acquisition, preservation and renovation of the affordable housing property. The capital stack consists of Low-Income Housing Tax Credits (LIHTC) with the state of Montana, Historic Tax Credits (HTC), and federal subsidy with HUD (HAP Section 8), as well as equity and debt from various stakeholders.
The size, location, age, and condition of the subject property presented unique challenges with regard to addressing and mitigating environmental and hazardous material concerns (asbestos, lead-based paint, etc.), as well as structural and mechanical needs, while still preserving the historical and functional integrity of the building.
By offering a multitude of services, Partner was able to provide economy of scale, efficiencies and responsiveness with regards to the project for the client. Subsequently, CPP Housing was able to obtain much needed tax credit and equity funds to deploy as part of the ongoing renovation activities. The project is expected to be completed in the coming year and will continue to provide affordable housing for the City of Great Falls, all while preserving an architecturally and historically significant structure.
The renovation project is ongoing and is expected to be completed in early 2025.
