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THE RUSSELL LAMSON Waterloo, IowaProject Details The Russell Lamson Apartments is an eight-story masonry " Historic Rehabilitation and concrete building originally constructed in 1914. In " 90 Affordable Units that same year, an edition of the Hotel Bulletin refered to " 12,105 Sq. Ft. Commercial the Hotel Russell Lamson as one of the most complete, " Project Value: $15.3 Million up-to-date and modern hotels to be found anywhere on the " Financing: FNMA Mortgage, Federal Low Income American continent. It bears a very favorable comparison Housing Tax Credits, Federal Historic Tax with the best to be seen in any of the largest cities. The Credits, State Historic Tax Credits, EZ Tax Credit building has been on the National Register of Historic Equity, EZ Sales Tax Rebate Places since 1988. Before the renovation began, the building had been Role: Developer, General Partner, Property Manager previously converted into 75 apartment units on floors 3 though 8, with commercial space on the first and second Completed: August, 2012 floors. To minimize the relocation of existing residents, construction was completed in two stages. This allowed approximately half of the current residents as well as all the commercial tenants on the street level to remain in the building during the renovation. The newly renovated building contains 90 affordable housing apartments. The layouts consist mainly of studio and one- bedrooms, with a few two- and three-bedroom units. Within the units, the historic windows were refurbished, kitchens were replaced and bathrooms were upgraded. A new exercise facility was built in addition to a laundry facility. During the renovation, forgotten architectural pieces like the magnificent windows in the lobby were also rediscovered and restored. The end result provided high- demand affordable housing while revitalizing a Waterloo icon. COMPANY PROFILE: Development Experience