PROJECT 5: Diamond Street

DESCRIPTION:

This property had been deteriorating for years and needed a full gut renovation.

CHALLENGE:

The property had been neglected for years with delinquent taxes and had just been scheduled to be sold at Sheriff’s Sale.

For more details about the owners’ financial troubles and how we were able to resolve them, get the case study here.

SOLUTION:

We partnered with the owner and got in touch with the city to postpone the Sheriff Sale and worked out a payment agreement with them.  Simultaneously, we put together architectural plans and acquired a construction loan to renovate the building.

The building was already zoned for 4 units and we decided to excavate the basement so we could have an apartment on each floor and added means of egress so that we could have bedrooms in the basement.  We were able to receive a 10 year tax abatement on this property due to the extent of renovations done.