Bank of Labor Credited
for Getting Historic Renovation Over the Finish Line.
The restoration of a pair of dilapidated, architecturally-classic industrial buildings—that were vacant for decades—have been given new purpose. The Crescent Electric Building, built in 1912, and the adjacent Sieg Iron Building, built in 1914, were transformed into 62 market-rate apartments in the heart of downtown Davenport, Iowa.
A resilient development group led by John Ruhl, President of NAI Ruhl Commercial Co., and John Carroll, of Carroll Law began this endeavor in January 2012. Delays and barriers to financing ensued with two separate changes in Historic Tax Credit regulations. A few years ago, Bank of Labor was selected to offer financing expertise that helped advance the project.
“The bridge loan solution for the Historic Tax Credits, introduced by the Bank of Labor, was exactly what was needed to get us to the finish line,” according to John Carroll. “The Bank was responsive, was quick to understand the complexity of the transaction, and worked effectively and efficiently with all members of our team.”
“General Contractor, Bush Construction, worked with the Council through an IMPACT Agreement (commonly referred to as a Project Labor Agreement). This structure confirmed the project was completed Union,” stated Rory Washburn, then Executive Director of ILLOWA Labor Management Council. “Frankly we thought the project was dead until Bank of Labor’s involvement—and likely wouldn’t have happened without them.”
“Identifying opportunities to leverage Labor’s capital in strategic and purposeful ways is a priority in fulfilling our mission,” said Joe Schoonover, First Vice President for Bank of Labor. “Labor’s value proposition is that projects will be done on time, within budget, and to specification. All of which are critical in these types of investments.”
Founded in 1924 by the International Brotherhood of Boilermakers, the Bank of Labor serves the financial needs and shared values of all of organized labor.
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