The Hotel Grim Apartments Project Closes on $26 Million in Funding
TEXARKANA, Texas, October 30, 2019 (Newswire.com) - Cohen-Esrey Development Group has secured a $26 million financing package that will pay for rehabilitating the Hotel Grim in downtown Texarkana, Texas.
Closed Friday by Cohen-Esrey Development Group and Premier Public Facility Corporation, the transaction includes both housing and historic tax credits, EPA funds, a Neighborhood Stabilization Program loan, tax-exempt bonds, and local contributions from the city.
“This was an extremely complicated financing structure, and we couldn’t have gotten it closed without a tremendous effort by a lot of people, including the great staff at the City of Texarkana,” said Tom Anderson, Managing Director of Cohen-Esrey Development Group. “We’re proud to be playing a role in this very important project.”
Cohen-Esrey purchased the property in July. With financing settled, abatement of asbestos and other toxic materials can begin, and plans include full construction starting in November. Cohen-Esrey representatives have said the company will hire local subcontractors as much as possible.
Antonio Williams, CEO of Premier Public Facility Corporation said, “The restoration and redevelopment of this beautiful and historic hotel are very critical to our continued rejuvenation of downtown Texarkana, Texas. We are proud to partner with the developer team and are looking forward to the grand opening.”
The project is expected to be completed in the spring of 2021. The building will feature studio, one- and two-bedroom apartments, 93 units in all.
"As the cornerstone of our downtown revitalization plan, we look forward to seeing this historic structure brought back to life," said David Orr, the city's director of planning and community development.
Cohen-Esrey has launched a website, HotelGrimApartments.com, aimed at potential future tenants of the building. It features floor plans and descriptions of the hotel's planned amenities.
Named after Texarkana banking, railroad and timber magnate William Rhoads Grim, the hotel opened in 1925. Construction cost for the luxurious 250-room hotel was nearly $1 million. It closed in 1990.
For more information: Tom Anderson, (913) 671-3363
Source: Cohen-Esrey Development Group
Categories: Real Estate
Tags: Apartment Funding, Cohen-Esrey Development Group, Downtown Revitalization, Historic Real Estate, Historic Tax Credits, Hotel Grim, Neighborhood Stabilization, Premier Public Facility Corporation, Texarkana