R4 Capital and R4 Capital Funding Finance Conversion of Historic Spokane Hotel
— Century-old Ridpath Hotel converted to 206 units of mixed-income housing and commercial space —
New York, NY — July 11, 2017 — R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, and R4 Capital Funding, R4’s tax-exempt debt platform, announced today it arranged over $16 million in debt and equity financing to redevelop Ridpath Club Apartments in Spokane, Washington.
A portion of the 13-story historic former hotel tower and adjacent YWCA annex will become a 206-unit complex including affordable and market-rate micro-studios, studios and one- and two-bedroom units. Ridpath Club Apartments will play an integral role in the current Spokane revitalization by providing affordable rents to those earning 60% or less of area median income as well as 27 market rate units with no income restrictions. The property is unique in offering rare amenities for an affordable property, including a 110-year-old marble indoor swimming pool, a full-service public restaurant at street level, the Brasserie, a second-floor bakery/café onsite as well as a mezzanine level community lounge and 16-seat theater room for use by residents.
Respected local developer Ron Wells has rehabilitated historic properties in Spokane and was awarded a National Honor from the National Trust for Historic Preservation for his work on Steam Plant Square in Spokane. Working closely with Ronne Thielen, Executive Vice President of R4 Capital and Jim Spound, R4 Capital Funding President, Ron Wells wrote, “I’m feeling so fortunate, grateful, and relieved that they continue to hammer away at so many myriad details. Their advocacy is extremely comforting and very highly appreciated.”
“We are pleased to provide financing in downtown Spokane where there is a significant lack of affordable housing. We have taken this opportunity to be a part of the solution.” says long-time LIHTC-advocate Thielen.
Located on Sprague Avenue, the apartments are a convenient conduit between Downtown Spokane and the developing University district providing excellent access to employment opportunities, social activities and recreation, as well as minimizing the need for ownership of a car.