National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Beaver Dam Lake Historic Lofts

Beaver Dam Lake Historic Lofts

Historic & Preservation

When a shoe company closed its Beaver Dam, Wisconsin, factory in 2003 the community was forced to decide the fate of the four-story brick building built in 1893 as a cotton mill on a creek emptying into Beaver Dam Lake. With the help of $6 million of LIHTC equity invested by National Equity Fund®, the building is now a 34-unit affordable housing community called Beaver Dam Lake Historic Lofts. Homes are available to households earning between 50-60 percent of Area Median Income.

Preserving the history of the building, the 26 two- and eight three-bedroom apartments feature 14-foot ceilings, oversized windows, exposed brick walls and industrial ductwork, timber beams and round wood columns. The loft apartments incorporate a variety of modern conveniences, such as open kitchens with islands and snack bars, balconies on some units, Energy Star washers and dryers and individually controlled high-efficiency furnaces. Amenities include a community room with kitchenette, communal outdoor patio overlooking Beaver Dam Lake, fitness room, media center and hobby/craft room bringing residents together and completing the re-use of the building.

The development is a partnership between non-profit Impact Seven, which develops affordable housing using a variety of sources of federal funds, and Wisconsin Redevelopment, a two-member real estate development and consulting firm focusing on projects that use low-income and historic tax credits. 


Project Details

Completed
2011
Location
222 Madison Street
Beaver Dam, WI
Project Type
Historic Rehabilitation/Family
Total Units
34
Mix of Residences
26-2 br, 8-3 br
Limited Partnership
Beaver Dam Lake Historic Lofts, LLC
Tax Credit Equity
$6 million
Total Project Costs
$8.6 million
Sponsor
Impact Seven, Inc.
Wisconsin Redevelopment, LLC
Permanent Lenders
Community Development Bank
Impact 7, Inc.
Wisconsin Housing & Economic
Development Agency
Awards
2014 Charles L. Edson Tax
Credit Excellence Award Winner
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