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CRDC Helps Finance New Flats Concept Building in Manchester
Elm Grove Companies has turned a building once used for drug and alcohol rehabilitation into a 32-unit mini-flat style apartments, a first of its kind in New Hampshire. With financing assistance from CRDC, the Elm Grove Companies management team comprised of; Newton Kershaw, David Schleyer, Chris Schlyer, Joshua Hamel and Matt Menning, transformed the Farnum Center in downtown Manchester into one of Manchester's sought after places to live.
Construction for the Flats at Hanover Commons is nearing completion and the majority of the 32 micro units are rented with some residents already scheduling their move-in for the next couple of days according to Chris Schleyer. "We did extensive market research and feel the area's demographics played a huge part in the design and build," added David Schleyer.
"When we look at a project to finance, we look at the potential economic impact it can make in that community," said Stephen Heavener, CRDC Executive Director. "This project fits the need for a growing demographic plus it was backed by thorough research which helped support this concept which you see in more urban locations."
"Elm Grove Companies has extensive experience in taking distressed buildings and renovating them into profitable real estate entities," said Jennifer Boulanger, CRDC Loan Officer. "The financing came together pretty quickly; in which CRDC provided a direct loan for $275,000."
"CRDC is a valuable asset to business owners like us," said Newton Kershaw, Elm Grove Companies. "The funding through CRDC for the real estate allowed us the leverage to be able to further continue construction financing through one of their banking partners, Franklin Savings Bank.
In addition to residential living, the Flats at Hanover Commons offers commercial office space, a café and a courtyard. Amenities include; a gym, a community lounge, common area Wi-fi and rooftop solar. The building was listed in the Manchester Register in 1916 as "The Flats".
Heavener added that CRDC will be leasing commercial office space as a satellite location to better respond to lending opportunities in the Manchester market, and to further its commitment to providing loan underwriting services to the Manchester Development Corporation.