PRESERVATION OF IRISH APARTMENTS

ALCO has closed on the financing required to do a significant renovation of Irish Apartments. This is an exciting milestone in what is a long-term commitment by ALCO to provide quality, affordable homes for residents in McEwen, TN.

ALCO purchased Irish Apartments and Creekview Manor Apartments from their previous owners on May 19, 2020. Closing on an acquisition in the early stages of the pandemic led to some surprises, and Courtney Harding led the way to get both properties stabilized and integrated into ALCO’s program. From there, the development group began early preparation to finance a large rehab at both properties, and in the summer of 2021, we were successful with a request for low-income housing tax credits from THDA.

Later that summer on August 21, Waverly, TN suffered from a devastating flood, and Creekview Manor became uninhabitable. Again, Courtney jumped into action on the ground, helping residents find resources. Many thanks to Dana Patterson, Sondra Wimbs, Courtney Harding, and everyone that worked diligently to provide resources to the residents whose homes were lost to the flood. THDA was gracious enough to work with us on our plans to renovate Irish when it was determined that Creekview Manor was unsuitable for rebuilding.

This week, ALCO partnered with a number of long-time partners to finance the renovation. First Horizon Community Investment Group is providing an equity investment and Pathway Lending is providing a new first mortgage. Benton Design Group has designed our renovation plans, and GSB Contractors will complete the construction work. Over the next six months or so, we will be able to make major upgrades to every apartment and add new amenities that will benefit the residents that call Irish home.