ATLANTA, April 29, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the financial closing of federal historic rehabilitation tax credit equity for the $16 million redevelopment and preservation of the Iowa Mutual Insurance Building in DeWitt, Iowa. This historic landmark will be repurposed into 53 market-rate apartments and aims to breathe new life into a century-old building.
The project, spearheaded by Bush Development, LLC, is expected to be completed by spring 2025. The remodeled building, named the Iowa Mutual Lofts, will offer a diverse range of housing options, including 13 studio, 35 one-bedroom, and five two-bedroom units. Residents will also have access to amenities such as covered parking, a gym, movie room, club room and storage lockers. The project seeks to address the housing needs of DeWitt and surrounding communities while revitalizing the city's downtown area.
This initiative not only repurposes a historic landmark but also addresses economic concerns stemming from the closure of Iowa Mutual Insurance's operations. By converting the building into residential space, the project not only preserves its architectural heritage but also creates new opportunities for the community.
With significant financial support from both public and private sectors, including tax credits and loans from the State of Iowa and the U.S. Department of Housing and Urban Development, the project demonstrates a collaborative effort to revitalize DeWitt's downtown core and provide much-needed housing options for its residents.
"By transforming the Iowa Mutual Insurance building into apartments, we witness the power of collaboration among many diverse stakeholders,” said Rick Chukas, Partner and Managing Director of HTC for Monarch Private Capital. “This collective effort not only preserves a historic Iowa landmark but also sustains the vitality of DeWitt, leaving behind a lasting legacy for future generations."
Iowa Mutual Insurance had its beginnings at the turn of the 20th century, initially operating out of its founder's home. Over time, the company grew substantially, necessitating the construction of a dedicated headquarters in DeWitt. This growth reflects not only the success of the insurance company but also its importance to the local community. The building itself has also evolved over the years, with the oldest part dating back to 1924 and the newest and largest addition built in the 1970s. This architectural evolution mirrors the changing needs and expansions of Iowa Mutual Insurance over the decades.
For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Iowa Mutual Lofts – Bush Construction
DeWitt, Iowa
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd48049c-77ad-4b94-bab0-5cdedf9fd85f
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
