WNC provided $7.5 million in LIHTC equity to fund affordable housing units at new Wiley Plaza
Hutchinson, KS -- (ReleaseWire) -- 01/22/2015 --WNC, a national investor in real estate and community development initiatives, announced today that the renovation of the historic Wiley Building, including the development of 40 affordable housing units, is complete. WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the adaptive reuse of the building, originally constructed more than 100 years ago.
Reintroduced as Wiley Plaza, the property is comprised of ground-floor and mezzanine retail space, five floors of affordable housing units, and two floors, plus a penthouse, of market rate apartments. Wiley Plaza also includes a new multi-level parking garage with 104 parking spaces.
Wiley Plaza's one-, two- and three-bedroom affordable housing units are open to individuals and families. Common amenities of the elevator-equipped building include on-site management, a community room, fitness center, computer center, elevators and security cameras.
Located at the intersection of North Main Street and East First Avenue, the eight-story building was originally built in 1913 and was expanded twice in the 1930s. The project is located adjacent to the historic Fox Theater in Hutchinson's downtown historic district.
"The Wiley Plaza is a testament to the ability of private and public entities to work together to improve our local communities efficiently and effectively," said WNC's Senior Vice President of Underwriting, Greg Hand. "State, local and federal tax credits were employed to not only renovate this beautiful structure, but to deliver terribly needed quality, affordable housing to the people of Hutchinson. We couldn't be more pleased with the result."
Wiley Plaza was re-developed by Manske & Associates, LLC. The project also received financing from Historic Preservation Partners Inc., First National Bank, Kansas Housing Resources Corporation and the City of Hutchinson.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.
Additional information is available at http://www.wncinc.com