Wallick Wire
     

Upcoming Renovations to Four Peoria Communities Set a New Record for
Wallick and the State of Illinios

     

On April 25th Wallick-Hendy Development closed on the funding for renovations of four apartment communities in Peoria — Hulburt House, Parkview Estates, Reservoir Estates and Schlarman House. Combined, these communities provide 428 homes to seniors and 50 homes for families.  All four will undergo complete rehabilitation.

“We’ll be returning these 30-year old apartments to a like-new condition from the inside out,” said Wallick CEO Tom Feusse. “There will be new roofs, windows, doors and HVAC systems, as well as fresh and functional kitchens and bathrooms with updated and energy-efficient appliances, electrical fixtures and plumbing.”

There also will be site improvements at each community — new parking areas, curbs and sidewalks, laundry rooms and enhanced landscaping throughout. Additionally, all of the common areas will get facelifts.

This $40 million renovation is the largest tax credit rehabilitation in the State of Illinois, outside of the Chicago metro area, and the largest to date for Wallick. It includes a mix of funding — 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds, Illinois Housing Trust Funds, City of Peoria HOME Funds, a first mortgage through Red Stone Partners, tax credit equity through Regions Bank and HUD subordinate debt.

      Setting records. Preserving vital housing. This renovation is another answer to the question, “Why Wallick?”      
             
6880 Tussing Road   Reynoldsburg, Ohio 43216-1023   614.863.4640   wallickcos.com